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Citigroup cuts equity analysts amid staff reductions

Citigroup Inc. has let go of many of its research analysts recently, amid an environment of diminishing commissions and industry rule changes, Bloomberg reported.

Cuts were made in London, Moscow, Dubai, Latin America, New York and San Francisco, according to the report. The company is in the process of firing about 400 employees from its trading division, which includes equities research and strategy, Bloomberg said.

Citigroup also made cuts to its U.S. high-yield debt research team in August.

ValueAct Capital Management, which owns more than 1% of Citigroup, signed an agreement in January giving it access to confidential information about Citigroup's strategy, governance and planning, marking its increased involvement in the bank's decision-making, Bloomberg said.