Investment bankers in London are steeling themselves for more job losses as Citigroup and Goldman Sachs are reportedly set to eliminate thousands of roles.

Citigroup, America’s largest bank, could cut up to 6,500 investment banking jobs – as much as 10 per cent of its roughly worldwide staff.

According to reports, entire trading desks in New York, London and other cities will be eliminated. Senior managing directors will not be immune from the layoffs, sources said last night.

Citgroup’s mergers and acquisitions bankers may bear the brunt of the cost-cutting because their ranks were not sharply reduced earlier this year.

The Times