Finance
Citi Cuts London Investment Bank Jobs as Deal Drought Persists
- M&A slump enters third year with many CEOs still on sideline
- Citi recently hired top JPMorgan executive to oversee banking
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Citigroup Inc. is cutting jobs in its investment banking division in London, becoming the latest Wall Street giant to trim headcount as the slump in global dealmaking enters its third year.
The moves will affect roughly 20 employees, according to people familiar with the matter. The bulk of the cuts include junior staffers in the analyst to director levels, though some managing directors will also be affected, according to the people, who asked not to be identified discussing non-public information.