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May 7, 2021

Citigroup likely to cut 900 jobs

US-based banking major Citigroup is likely to slash 900 jobs in its securities and banking division amid financial market turmoil, says a report. Quoting people familiar with the situation, the Wall Street Journal (WSJ) said job cuts are planned since turmoil in the equity and debt markets is eroding revenues. “The cuts are part of a broader move by Citigroup to curtail expenses. The bank is considering eliminating 3,000 jobs, or around 1 per cent of its work force,” the daily said. According to the report, a head count reduction for the overall bank had not been finalised and could change. Citigroup has cut thousands of jobs during the financial meltdown. WSJ pointed out that lately Citigroup has been wooing high profile talent from competitors to rebuild market share. As per the report, the entity had in April announced plans to hire 500 bankers and traders over the next two years.

“Since then, however, fears over the European debt crisis and new regulations capping bank profits in other once-lucrative areas have altered the outlook,” it added.

Quoting a Citigroup spokeswoman, the report said the bank was planning “targeted head-count reductions in certain businesses and functions” across the bank as part of an effort to “control expenses.”

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