Bloomberg quoted a source as saying that the job cuts are necessary in order to reduce the bank’s expenses in light of the unfavorable market conditions.
He said that the plan includes cutting 30 jobs in the investment banking services sector, and 20 jobs in the corporate services unit.
Separately, the agency said, on Thursday, that Citigroup had dismantled its global team that provides analysis and commentary services on exchange market conditions, with exits from both London and New York, as well as the corporate bond trading team in Latin America.
This comes at a time when US investment banks are facing a difficult environment for the activities of managing mergers and acquisitions deals and initial public offerings due to concerns about the macroeconomic conditions in the world.
Citigroup began cutting hundreds of jobs earlier this year, with the investment banking sector worst affected.
The jobs that are decided to be written off represent less than 1 percent of the total number of employees in Citigroup, which amounts to 240,000 employees, according to the sources.
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