Citigroup Plans Major Layoffs: Report

Updated from June 22

Grappling with the credit crisis and its negative impact on the markets, Citigroup(C Quote) is planning a major round of layoffs in its investment banking division, according to a published media report.

The bank could let go as much as 10% of the unit's workers, which total about 65,000, according to the report, published Sunday on The Wall Street Journal's Web site. The report cited anonymous sources familiar with the situation and said the job cuts are likely to begin Monday.

Citigroup has lost $15 billion over the past two quarters and is likely to report billions more losses in the second quarter, the report noted. ...