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.
November 27, 2008 at 12:56 AM
1 minute read
The original version of this story was published on Legalweek
Many fear credit crunch will strike legal departments next as 52,000 jobs go in latest big-bank cutback
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.
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