Citigroup’s investment banking unit to cut jobs in next five years: FT

(Reuters) – Citigroup Inc’s (C.N) investment banking business will shed as much as half of its 20,000 technology and operations staff in the next five years, the Financial Times reported on Monday, citing Jamie Forese, the division’s head.

FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

Forese said the positions, which make up almost two-fifths of investment bank employees at Citi, could be replaced by machine processing, the FT reported.

Citigroup was not immediately available for comment.

Reporting by Nikhil Subba in Bengaluru; Editing by Maju Samuel

Tagged ,