Citi on track to cut 300 sales and trading jobs in 2012 - WSJ

Mon Nov 19, 2012 1:54am EST

Nov 19 (Reuters) - Citigroup Inc is on track to cut 300 sales and trading jobs globally this year, as part of its plan to streamline its banking operations, the Wall Street Journal reported, citing people briefed on the process.

The sales and trading unit of the bank employs about 17,000 people, the Journal said. ()

A Citigroup spokeswoman declined to comment specifically on the latest round of cuts but said the company had "been making targeted headcount reductions throughout the year in certain businesses and functions across Citi as part of our efforts to control expenses during the current environment", the Journal said.

U.S. banks have resorted to measures like jobs cuts and shutting down of branches amid lower mortgage rates and pressure from government agencies to buy back bad loans made during housing boom of the previous decade before the financial crisis erupted in 2008.

Reuters could not immediately reach Citi for comment.

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