Citigroup is planning to cut staff in London as it seeks to trim costs to compensate for lower trading revenue, according to people familiar with the matter.
Bloomberg News reports that the lender will dismiss about 70 traders and salespeople in the U.K. capital this month, said one of the people, asking not to be identified because they’re not authorized to speak about it. The firm may also cut about 200 jobs in operations and technology groups across the European region, said the person.
In the meantime, Reuters reports that six ex-SAC Capital Advisors employees have returned to their former employer, billionaire investor Steven Cohen, as portfolio managers at his new investment firm Point72 Asset Management.
Reuters reports that Eugene Lipovetsky, Ladd Fritz, Ray Shu, Arjun Menon, Israa Al Bayaa and Stanislas de Caumont have rejoined Point72 after leaving in 2013-2014 when SAC shut down after paying a $1.8bn fine in an insider-trading settlement with U.S. regulators.