First came the news that RBS is cutting several thousand people from its global banking and markets division. Now it transpires that Citigroup is cutting 10,000 people from its investment bank and elsewhere. RBS is saying nothing about whether the redundancy rumours are true, or where the axe might fall, but Pesto was heard on the Today Progamme this morning saying that layoffs in the UK will be limited to a “few 100”. This seems distinctly optimistic given that RBS’s banking and markets staff are concentrated in London. Financial News has spoken to an “insider”, who says the cuts will hit “front, middle and back-office functions and all business sectors” (ie, everywhere). We ourselves have spoken to an already culled RBS banker, who said this was entirely foreseeable: "It was just a matter of giving the new board and John Hourican time to scope out the business.”

Starting this week, Citigroup is handing out pink slips to at least 10,000 employees in its investment bank and other divisions. (Wall Street Journal)

£10 per head at the RBS Christmas party. (Lolfed)

Stocks surge, Citigroup sinks. (thedeal)

When layoffs lead to nasty politics. (CNN)

Nomura poaches team of 18 equities bankers from BarCap in the US. (Financial News)

“Nomura is on course to post a big loss if they won't do any restructuring. Nomura should do more job cuts, including its own employees.'' (Bloomberg)

Merrill bankers to dominate the Merrill-BofA hybrid. (Financial News)

"It breaks my heart when I go to Canary Wharf and I see thousands of high-paying derivatives jobs going overseas. Jobs that belong in our country." (FT)

Promoting the public utility of the hedge fund industry. ( Hedgemeetings)

Thousands of angry bankers and hedge fund managers converging on the O2. (The Times)

Lehman creditors, listed. (PwC)

Financial engineers vs. real engineers. (Infectious Greed)

All rush to do an MBA. (Bloomberg)

Degrees: in the '70s it was Sociology; '80s it was Computer Studies; '90s it was Media Studies; 00s is was Business Studies. For the 10s, will it be Self Sufficiency? (Fintag)