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Citigroup to recalibrate investment banking workforce as required- Bloomberg News

Published 03/08/2023, 08:12 PM
Updated 03/08/2023, 09:05 PM
© Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo

(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 (NYSE:C), 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.

© Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo

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 (NYSE:GS) and Morgan Stanley (NYSE:MS), which have also cut jobs following a slowdown in dealmaking from the ensuing market rout and recessionary fears.

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