Bankers fear the pace of job losses in the investment banking industry is set to accelerate over the summer after it emerged that Goldman Sachs, the sector’s star performer, cut staff at its investment banking division last week and that Citigroup is stepping up the pace of its planned job cuts, reports the FT. Goldman is expected to cut up to 10% of staff in its M&A advisory and corporate fundraising divisions over 2008, after a fresh round of cuts began last week. The latest cuts are separate from Goldman’s annual performance review, which typically sees about 5% of staff leave the bank. Citi, meanwhile, is halfway through a 10% reduction to its 65,000 strong investment banking staff and, reports the WSJ, is expected to dismiss thousands more this week – including “dozens” of senior managing directors.

This entry was posted by Gwen Robinson on Monday, June 23rd, 2008 at 5:44 and is filed under Capital markets, People. Tagged with citi, goldman sachs. Edit this entry.