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Citigroup to slash 2,000 more jobs

Citigroup is planning to lay off 2,000 more jobs due to the crisis in the credit market which led the company to report negative results for the fourth quarter of 2007, reported Reuters.

According to the report, the new lay offs are apart from the 4,200 job cuts that were announced in January 2008.

The bank’s spokesman Adam Castellani said that it was expecting more lay offs in its institutional clients group, which includes investment banking and trading and also alternative investments.

According to Reuters, Mr Castellani said: Each year we identify the bottom 5% of performers in the institutional clients group, and some number of these people leave the firm.