The sound of investment bankers pounding the pavement is getting louder. On June 23, The Wall Street Journal said that Citigroup (C) will chop 10% of its investment banking division, roughly 6,500 jobs, and the Financial Times said Goldman Sachs (GS) also will axe 10% of its investment bankers. Citi CEO Vikram Pandit has pledged to prune the bank's entire operation to bounce back from more than $15 billion in losses over the past two quarters. But the pain apparently isn't over: Citi CFO Gary Crittenden warned of "substantial" writedowns in the coming quarter.
—Edited by Harry Maurer & Cristina Lindblad
ICK MAN
Last Week's Sector Indexes
Heading Toward Dow 5000, I Don't Think So.
Last Week's Dow
Too Little, Too Late: A 146-point bounce late Friday cut the Dow Jones Industrial Average's loss last week to 6.2%. But it remains at its lowest level since 1997.
About Me
- ickplus
- Politically conservative, religiously evangelical, economically pro free markets, free enterprise, and small government but opposed to corporate and individual greed.
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