Citigroup to recalibrate investment banking workforce as required- Bloomberg News
10:00 pm Wednesday, March 08th, 2023
(Reuters) -Citigroup Inc’s chief financial officer Mark Mason said that the lender would adjust its investment banking headcount as necessary, Bloomberg News reported on Wednesday.
Citigroup, which has been boosting its investment banking division by hiring for sectors including energy and biotechnology over the years, is considering changing the pace of some of its investments following the recent drought in dealmaking, the report added, citing Mason’s interview with Bloomberg Television.
Citigroup, when asked about the bank’s headcount plans, did not give details beyond Mason’s comments in the Bloomberg interview.
The recent announcement follows the bank’s plan to lay off less than 1% of staff, according to a Reuters report from last week, citing people familiar with the matter.
The focus on the strength of investment banking teams follows a similar attitude across other major investment banks including Goldman Sachs and Morgan Stanley, which have also cut jobs following a slowdown in dealmaking from the ensuing market rout and recessionary fears.
(Reporting by Anirban Chakroborti in Bengaluru; additional reporting by Juby Babu; Editing by Rashmi Aich and Eileen Soreng)
