The news: Citi is the latest Wall Street lender to rethink headcount in its investment banking arm as it aims to trim costs amid a prolonged deal slowdown, CFO Mark Mason told Bloomberg.
- Mason said Citi needed to "recalibrate" staff numbers at its investment bank as the lender focused on improving its bottom line.
- The bank is also focusing on more lucrative business lines and investing huge sums in data, risk, tech, and its infrastructure as part of a companywide "transformation" that more than 11,000 staff are working on.
M&A dearth spurs layoffs: Investment banking redundancies are not uncommon during periods of dwindling deals and Citi is not alone in making cuts. But the latest round of layoffs is likely to be one of the biggest to hit the banking sector since the financial crisis.