Citigroup Inc., the third largest bank in the United States, will cut 200 to 300 jobs in its global stock and bond trading unit to cut cost amid a business downturn, Bloomberg reported Monday, citing a person familiar with the matter.
The number is about 2 percent of the workforce in the bank’s global markets business.
The Wall Street Journal first reported the move ahead of the group’s first-quarter earnings report tomorrow.
“We continue to tightly manage expenses, making targeted headcount reductions in light of current market conditions,” Danielle Romero-Apsilos, a spokeswoman for the New York-based bank, was quoted as saying. “At the same time, we are adding some talent strategically.”
Last month, chief financial officer John Gerspach told investors he expected trading revenue to fall by a “high mid-teens” percentage. Equities revenue was doing better than fixed income which accounts for an average of 80 percent of revenue from its market trading business.
Citigroup had 251,000 employees worldwide at the end of last year, the report said.
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