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NATION / WORLD: FINANCIAL SERVICES

Salomon Smith Barney Trimming Jobs

November 03, 1998|Reuters

Citigroup's Salomon Smith Barney financial services unit said it is eliminating 3.5% of its global investment banking division's work force, or 60 jobs, in an effort to cut costs amid weak market conditions. The announcement follows the sudden departure of Citigroup President Jamie Dimon, who had been in charge of Salomon Smith Barney, and the decision by Citigroup--formed last month through the merger of Travelers and Citicorp--to join Citibank's corporate bank with Salomon Smith Barney. Citigroup has said it could cut up to 5% of its total work force, or 8,000 people, as a result of the merger. Like other Wall Street firms laying off employees, Citigroup also has been hit by recent global market upheaval. Salomon Smith Barney employs 35,000 people worldwide and 1,700 people in its global investment bank. As part of the merger and recent market turmoil, it has already cut 100 jobs globally in its fixed-income divisions, 100 jobs in equities and 40 jobs in equity research.

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