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Report: JPMorgan, Citi replacing odd lots staff with algorithms

JPMorgan Chase & Co. and Citigroup Inc. have made moves to replace their small-size corporate bond transactions, or odd lots, staff with algorithms, Business Insider reported.

Citi's electronic bond trading platform has replaced eight corporate bond retail desk traders over the past few weeks, according to two people with knowledge of the matter.

A JPMorgan team of less than five odd lots traders was also absorbed into the larger credit trading group over the past few weeks, according to two people with knowledge of the matter. JPMorgan decided they could serve clients just as well using an electronic trading infrastructure, according to the two sources.

A JPMorgan spokesman declined to comment when asked by the publication.

These moves come as big banks are trying to cut their unprofitable ventures, especially trading units, Business Insider noted.