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Citi, Barclays cut investment banking jobs, Bloomberg reports

Citi (C) and Barclays (BCS) are cutting jobs in their investment banking units, with "dozens" of positions cut this week at Citigroup, while reductions expected to eventually total about 200 have begun at Barclays, Bloomberg’s Gillian Tan reports, citing people familiar with the moves. Investment banking fees plunged 64% at Citigroup and were down 45% at Barclays in the third quarter, the report notes. Meanwhile, Morgan Stanley (MS) is considering eliminating about 50 investment banking jobs in the Asia-Pacific region following a similar move in September by Goldman Sachs (GS), which is embarking on its biggest round of job cuts since the start of the pandemic. Reference Link

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