Citigroup Inc. began slashing its workforce in its trading division in a bid to cut losses and improve efficiency, Bloomberg News reported, citing people with knowledge of the matter.
About 50 employees have been let go at the bank's New York office, 25 in London and more expected this year until about 400 people are culled from the bank's trading division, the news outlet said, citing sources.
At least 100 people in Citigroup's equities unit in its New York headquarters and 80 in London will lose their jobs, based on the bank's plan, according to the report.
Citigroup joins embattled banks Deutsche Bank AG and Société Générale SA in eliminating hundreds of jobs in their equities and fixed income trading divisions, the news outlet noted.
While Citigroup now ranks sixth in equities trading globally after investing in the unit in the hope of boosting revenue by about $1 billion, its 2018 revenue was only $300 million higher than in 2015, the report noted.