Goldman and Citi begin 12,000 job cuts

Goldman has notified 3,200 staff of job losses in the last seven days, while Citi, which announced 9,100 job cuts globally over the next year.

Goldman Sachs and Citigroup began cutting 12,000 jobs this week, according to press reports.

Goldman has notified 3,200 staff of job losses in the last seven days, while Citi, which announced 9,100 job cuts globally over the next year, has reportedly also begun notifying staff.

Earlier this year, Goldman cut 1,500 people, following 2007 performance reviews. Mergers acquisitions support staff and junior bankers were also laid off in June. Citi is estimated to have already shed over 20,000 positions in the last year.