Citigroup Plans to Cut More Than 5% of Securities Employees

Citigroup Inc., the biggest U.S. bank by assets, plans to cut more than 5 percent of staff in the securities unit to rein back expenses after U.S. subprime- mortgage related losses.

Citigroup plans to fire 2,000 investment bankers and traders by the end of the month, the New York Times reported earlier today, citing unidentified people close to the situation.

The New York-based company said in January it is cutting about 4,200 jobs and curbing year-end bonuses for top executives after $18.1 billion in writedowns on subprime home loans and bonds led to a fourth-quarter loss. It employs 360,000 people globally.