Citi set to trim trading jobs
Citigroup Inc. is reported to axe hundreds of workers across its global markets division – may be a clear sign of the industry-wide financial woes and market setbacks experienced since earlier this year.
The cutting of job in the division is currently 10% of its total workforce. At least 100 jobs would be trimmed by Citigroup.
Citigroup bared its plan to combine its equities and prime services division to a cohesive unit as a “market dynamics” move of the New York based bank.
The merging of two different departments led to axing job positions primarily in the equity department.
Considered as one of the top performers in the industry, Citigroup still fell short, dropping 4% in fixed income trading and 9% in equities revenues.
Analysts said that this will not be the only layoff in the trading industry as a countermeasure to the revenue slump experienced globally.