The investment banking industry has not had the best of years. The combination of the credit crunch and now the Societe Generale scenario has created scepticism across the sector.
It would seem that although bonus’ are down on last year, they are not as bad as some feared. Nonetheless we are now beginning to see some casualties. This week Citigroup announced that it is about to lay off 400 investment banking staff, part of a global headcount reduction of 4,200 staff.
The cuts are likely to be seen across a range of business lines in the UK’s Canary Wharf office.
The bank currently employs about 11,000 in the UK.