Report: Citigroup Might Cut 200 Jobs in Tech & Ops
The investment bank is looking to cut costs as it saw lower trading revenues in the fourth quarter, according to a Bloomberg report.
The investment bank will lay off at least 70 traders and salespeople in London in addition to the 200 operations and technology jobs, according to the report. The move comes as Citigroup saw lower trading revenue in the fourth quarter.
Citigroup declined to comment when contacted by WatersTechnology.
This is just the latest in a round of layoffs made by Citigroup. The firm started cutting around 2,000 jobs—mainly in its trading and back-office divisions—in January.
Citigroup CEO Mike Corbat said during the company's fourth-quarter earnings call that its headcount was reduced by 28,000 people.
"We're going to continue to be mindful and make sure that we are scaling and sizing our company to what we think the opportunities are. And I think we haven't been afraid at the tougher times to pull things back, and I think that will be the case in 2016," Corbat said during the January 15 call.
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