CHICAGO - Citigroup on Friday cut about 70 professionals, including about two dozen bankers, from the tax-exempt capital markets group of its top-ranked broker-dealer Citi. The move capped a week-long belt-tightening by the bank, which plans to trim 20 % from its overall workforce by mid-2009.

The bank fired a total of 70 from the tax-exempt group, including about a dozen senior bankers, a dozen junior bankers, and sales, trading, underwriting and other professionals within the group, according to sources at the firm who asked not to be identified. The municipal group is managed by Howard "Ward" Marsh, who did not return calls to comment.

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