Citigroup Joins the Parade of Job-Cutters

Citigroup Inc., the largest U.S. financial services company, said it is firing several hundred employees to trim costs amid the latest stock market slide. The company is reducing staff in technology and operations, as well as in its investment banking, stock and bond sales and trading divisions, a spokeswoman said. The Citigroup cuts started Tuesday, she said. They follow similar actions at Bear Stearns Cos., Charles Schwab Corp. and Credit Suisse First Boston, which fired staff amid a drop in U.S. equity underwriting and mergers and acquisitions activity. “The market is slowing down here, trading volume is down,” said Michael Stead, chief investment officer of the SIFE Trust Fund, which invests in financial services companies. “It’s a sensible thing to do.” Citigroup shares fell $2 to close at $43.70 on the New York Stock Exchange.