Salomon rumored to cut the payroll of junior clerks to save expenditure

It was reported by sources that the investment bank Salomon Smith Barney, subsidiary of CitiGroup, would cut one thirds payroll of its junior banking clerks from US$40,000 of last year to US$25,000 in order to reduce the cost. However, Salomon Smith Barney refused to comment on the report. The report also said the movement of trimming working force and cutting the payroll indicated that the situation of the securities investment banks was worse than expectation.

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