Bank legal teams dread knock-on effect as Citi cuts 20% of workforce
Banking lawyers have expressed concern that the prolonged economic turmoil will lead to further in-house job cuts, as Citigroup this month became the latest bank to announce redundancies. Fifty-two thousand jobs will go at the bank worldwide on top of the 23,000 redundancies made earlier this year - equating to a 20% reduction in headcount over the period. The cull follows a similar review earlier this month at Morgan Stanley, which is expected to lead to 3,600 losses, while Goldman Sachs looks set to cut 3,300 jobs following its announcement in October.
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