Report - Citi cuts staff

Axe In Wood

'Making targeted headcount reductions in light of current market conditions'.

Bloomberg News reports that Citigroup has cut 200 to 300 jobs in its division handling stock and bond trades to shrink costs amid a slump, according to a person familiar with the matter.

The reductions amount to about 2% of the workforce in the bank’s global markets business, the person said, asking not to be named because firings are confidential. 

'We continue to tightly manage expenses, making targeted headcount reductions in light of current market conditions', said Danielle Romero-Apsilos, a spokeswoman for the New York-based bank. 'At the same time, we are adding some talent strategically'.

In the meantime, Reuters reports that Europe's largest banks cut their staff by another 3.5% last year and the prospect of a return to pre-crisis employment levels seems far off, despite the region's fledgling economic recovery.

Antoine Morgaut, chief executive for Europe and South America at recruiter Robert Walters does not expect the industry's employment to ever return to what it was in its heyday of 2008. Then, the 25 of the top 30 banks with comparable figures employed about 252,000 more than the 1.7 million they do today. 'It's been a bubble for 20 years', said Morgaut.

Citigroup Said to Cut Up to 300 Jobs in Global Markets Division

Europe's top banks cut 80,000 more staff in post-crisis overhaul

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts