Citigroup, Goldman Begin Layoffs: Reports

The banks began firing workers as part of the firms' plans to eliminate 12,000 jobs, according to media reports.

Author:: TSC Staff
Publish date:: Nov 6, 2008 1:00 AM EST

Citigroup

and

Goldman Sachs

began firing workers as part of the firms' plans to cut more than 12,000 jobs amid the global financial crisis, according to media reports.

Goldman on Wednesday began telling about 3,200 employees, or 10% of its work force, they were out of a job,

Bloomberg

reports, citing people with knowledge of the matter, while Citigroup has been notifying staff this week who are affected by the bank's plan to cut 9,100 jobs over the next 12 months.

Jobs will be cut across Goldman's offices globally and among various business lines, and will bring the company's staffing to 2006 and 2007 levels, the

Associated Press

reports. Goldman last month reportedly said it would be eliminating positions.

Investment banks Goldman and

Morgan Stanley

(MS) - Get Report

last month received approval to become bank holding companies.

Employees in Citigroup's sales and trading unit may be fired in the latest round of cuts,

Bloomberg

reports. Citigroup's global work force numbered about 352,000 at the end of September.

Citigroup has disclosed plans in the past year to eliminate 22,000 jobs, according to

Bloomberg