Citigroup Inc. will cut 10 percent -- or about 6,500 -- of the jobs in its investment banking division, according to reports Monday.

The Wall Street Journal said the New York-based bank, which posted a $5.11 billion quarterly loss in April, has more than 350,000 employees around the globe. By the end of March at least 9,000 positions had been cut, the Journal said.

Entire trading desks in New York and other cities will likely be cut, the report said, and especially hard-hit will be mergers and acquisitions bankers.

Over the past two quarters the company has seen $15 billion in losses and expets billions of dollars more in second quarter write-downs.

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