Citigroup Inc., reducing its trading and investment-banking workforce by 10 percent, may begin a round of job cuts as soon as this week, a person familiar with the matter said.

The largest U.S. bank is about halfway through the 6,000 job cuts at the division signaled in March, said the person, who asked to remain anonymous because Citigroup hasn't disclosed its plans publicly. Citigroup employs 300,000 people across all divisions and has announced more than 13,000 job cuts this year.
Citigroup Chief Executive Officer Vikram Pandit is cutting costs and shedding assets after the bank posted two straight quarterly losses totaling $15 billion.
The world's largest banks and brokerage firms, including JPMorgan Chase & Co., Merrill Lynch & Co. and Bear Stearns Cos., have slashed more than 80,000 jobs since sub-prime mortgage defaults infected credit markets and triggered almost $400 billion of losses.
``I see more downsizing to come,'' said Andy Mantel, managing director of Pacific Sun Investment Management Ltd. in Hong Kong. ``Banks need to take precautionary measures.''
The bank has lost more than any other in the mortgage market collapse and its shares have tumbled 63 percent over the past year. Pandit, 51, was promoted in December to replace Charles O. ``Chuck'' Prince, who was ousted in November.
``Citi indicated earlier this year that it would be resizing this business in response to market conditions and as part of our ongoing re-engineering efforts,'' Dan Noonan, a spokesman for the division, said in a prepared statement. The New York-based bank's other divisions include consumer banking and wealth management.
Another loss?
The company in January announced it would cut about 4,000 jobs in the securities division, then said in March that the number had increased by about 2,000. In April the bank said it would eliminate 7,000 jobs outside the investment banking division over the next year, and executives have said that further reductions are likely.
The Wall Street Journal reported earlier today that some employees may begin receiving termination notices tomorrow. Goldman Sachs Group Inc. will cut as much as 10 percent of the jobs in its investment banking division in one of its largest single rounds of headcount reductions this year, the Financial Times reported, without citing anyone.
Citigroup will probably write down $8.7 billion of assets in the second quarter, causing it to post a loss, UBS AG analyst Glenn Schorr said in a June 20 note. Schorr's prediction came after Citigroup Chief Financial Officer Gary Crittenden forecast ``substantial'' additional write-downs and more losses on consumer loans. Citigroup's $42 billion of credit losses and write-downs since last year account for about 10 percent of the global total. Citigroup dropped 4 percent on the New York Stock Exchange on June 20.
(Source: Bloomberg)