Report: Citigroup to Fire 10 Percent of Investment Banking Workforce

Citigroup is set this week to fire thousands of workers in their investment-banking division, the Wall Street Journal reported Monday.

The giant New York-based bank, which has suffered $15 billion in losses over the past two quarters and is likely to rack up billions of dollars in additional write-downs in the second quarter, is dismissing investment-banking employees world-wide as part of a plan to cut the roughly 65,000-employee group by 10 percent, with firings expected to begin Monday morning, the newspaper reported.

Entire trading desks in New York and other cities are expected to be eliminated. And unlike Citigroup's other recent reductions, this round will feature layoffs of dozens of senior managing directors, sources told the newspaper.

Click here to read the complete Wall Street Journal report.