Citi's August job cuts have come
Citi is cutting jobs in its investment bank today. At least seven senior people are understood to have gone in London including some long serving managing directors.
Citi declined to comment on the cuts. The London debt capital markets (DCM) team is thought to be particularly effected, and the departures are thought to include Philip Brown, a veteran Citi MD who may be retiring, and Jake Atcheson, one of London's leading insurance bankers.
The cuts come after Vis Raghavan, head of Citi's investment bank, has embarked on a hiring spree of former colleagues since arriving from JPMorgan in mid-2024.
Citi insiders suggested previously that the bank was planning cuts in August to pay for Raghavan's new hires. The bank announced 20,000 job cuts under CEO Jane Fraser in 2023, but in January 2025 it still had another 10,000 to go.
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