The ax is coming to Wall Street once again.
Citigroup plans to cut approximately 3,000 jobs, or around one percent of its workforce, according to reports on Wednesday. Although the New York-based banking group hasn't announced where the reductions would take place, the Wall Street Journal reported it might cut up to 900 jobs from its securities and banking division, a five percent reduction in that unit, based on continuing turmoil in the marketplace.
"As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi," the company said in a statement e-mailed to the International Business Times.
This isn't the first financial group that has announced job cuts. Bank of America is looking to eliminate approximately 30,000 jobs over the next several years; however the company said many of those jobs reductions would come from attrition rather than layoffs. Goldman Sachs and UBS have also recently announced planned reductions in headcount.
A report last month from the New York City Comptroller's Office said the industry may shed up to 10,000 jobs in New York City alone by 2012. New York City's economy is heavily reliant on the financial industry.
Citigroup has about 200 million customer accounts and does business in over 160 countries and jurisdictions. The company currently has approximately 270,000 employees. The number of employees was much higher before the company underwent layoffs in the wake of the 2008 financial crisis.
Shares of Citigroup are down 2.43 percent to $27.34 in mid-morning trading.