Layoffs Watch '16: Big Cuts A Comin' At Citigroup

Fixed-income and investment bankers have been told to gird their loins.

The House of Corbat is expected to be deactivating a number of key cards shortly.

Citigroup is projected to soon begin layoffs of some Wall Street staffers, a source with knowledge of the bank's plans said. Cuts are expected to impact fixed income and equities trading positions as well as investment bankers, according to the source. The person told that, should the bank's quarterly performance to begin 2016 surprise to the upside, overall head count reductions may be less than what Wall Street expected.

Citigroup expected to begin cuts soon [CNBC]