Nothing seems to be going right for Citigroup (NYSE: C). In fact, this week the stock price hit below $20 to $19.30 (there was a 4.31% drop on Friday).

With its many acquisitions over the years, there was supposed to be a globally diversified platform – which would deal with downturns. Unfortunately, that experiment has been a failure. If anything, Citigroup's massive size is becoming a hindrance in dealing with the new realities.

Now, according to the Wall Street Journal [a paid publication], Citigroup has some more bad news. It looks like the company will slash jobs in the investment banking division – perhaps as much as 10%. The current size of the group is about 65,000.

Of course, these are high-paid folks. But, then again, they haven't been bringing in much business lately. Instead, Citigroup continues to pile up mega losses.

So, the layoffs should not be a surprise (the activity for buyouts and IPOs has plunged). Yet, it's another sign that things aren't likely to get better soon for Wall Street.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.