Citi Reported Planning Staff Cuts

Citi is planning to cut about 10% of its global workforce, according to press reports, some of which may come from LatAm. The firm is expected to shed roughly 35,000 staff, the reports state. “As part of our effort to reduce expenses, to reach our stated goal of an efficiency ratio of 58%, we are carefully managing our headcount levels as we re-engineer the company in line with our stated goal and market realities,” says a Citi spokeswoman. Precise LatAm data was not immediately available. “The team will be rationalized, as will probably happen with other regions,” Carlos Vara, Citi’s co-head for LatAm investment banking, tells LatinFinance in a recent interview. The cuts come amid a global downsizing at investment banks generally.