Citi axes 50 EMEA bankers

Citigroup has begun axing 50 investment bankers across its Europe, Middle East and Africa (EMEA) division as a programme of cutting 11,000 jobs hits the heart of the investment bank. Citi announced the global cuts, equal to about four per cent of the bank's workforce, in December as part of an effort to eliminate $1.1bn in annual costs by 2014.