Citigroup to cut 10% of workforce at Japanese brokerage unit

Citigroup to cut 10% of workforce at Japanese brokerage unit

By Chris Oliver

Last update: 8:07 p.m. EST Feb. 24, 2008

HONG KONG (MarketWatch) -- Citigroup Inc. (JP:8710) plans to lay off 10% of staff at its Japanese wholesale brokerage Nikko Citigroup Ltd., as part of a company-wide downsizing in the wake of losses stemming from investments tied to U.S. mortgages, according to a Japanese media report Tuesday. The workforce cuts should amount to 170 of 1,750 jobs at the Japanese brokerage, the Nikkei business daily reported Monday, without citing its source. Tokyo-listed shares of Citigroup were down 1.3% in early Monday trade.