Nov 19 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
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.