Citi Considering 3,000 Layoffs: Reports

[Stocks-to-Watch]

Big financials continue to focus intently on downsizing as they deal with fewer revenue opportunities and weak interest margins. Now the axe looks like it could hit Citigroup (C), where executives are considering laying off 3,000 people, according to media reports. That amounts to about 1% of the bank’s workforce, which totaled 267,00 at the end of the third quarter.

Goldman Sachs (GS) and Bank of America (BAC) are also likely to cut jobs in the coming months.

About 900 of the jobs would be in the securities and banking division, the Wall Street Journal reported.

Bank stocks were trading lower on Wednesday morning.



Original Article Source by Barrons.com