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Finance Job Losses Near 200,000 as BNP, Citigroup Cut Staff

Job losses in the global financial services industry this year are close to surpassing 200,000 as Citigroup Inc., France’s BNP Paribas SA and Bank of America Corp. eliminate jobs to reduce costs.

Citigroup, the U.S. bank that shook up senior management earlier this month, may cut as many as 3,000 jobs as Chief Executive Officer Vikram Pandit squeezes out costs, said a person familiar with the company’s plans. BNP Paribas, France’s biggest bank, said today it will trim about 1,400 jobs at its investment-banking unit, with most coming from the lender’s capital markets and structured-finance teams. Bank of America also cut part of its equities unit in Europe yesterday.