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Citigroup plans to axe hundreds of jobs in global markets division

Citigroup has made the decision of cutting hundreds of trading jobs this year in its worldwide market division as its American lender responds to the challenging market scenarios, as per multiple media reports.

Banking institutions across the Wall Street informed nearly similar falls across their revenues in their trading operations in this year’s second quarter, as reduced interest rates as well as low client activity levels hit their performance.

Citi relatively was a good performer, however the bank suffered with a 9% and 4% drop in its combined revenue from equity trading and fixed income respectively.

A source having knowledge about the situation informed Financial Times that Citi would start axing the hundreds of trading jobs imminently. However, a Citi spokesman refused to comment on the matter.

According to another source having knowledge about the situation said that the job cuts were not related to any sort of reorganization of the bank’s equities as well as major services businesses.

Citi is merging its equities as well as major services division in a single individual unit called Equities and Securities Services in an attempt to develop a merged offering for the bank’s clients, said Andy Morton and Carey Lathrop, the co-heads of Citi’s securities services.

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