To deal with adverse market conditions, Citigroup Inc is planning to cut 30 investment banking jobs and 20 more in its corporate banking unit in London, reported Bloomberg.
The company is aiming to reduce its cost base to deal with current market conditions. The group is also dismantling its global team that provides commentary and analysis on foreign-exchange markets, reported Bloomberg citing persons within the banks. The recent round of shutting arms and cutting workforce has lead to departures in both London and New York as well as its Latin America corporate bond trading team, according to a Bloomberg’s previous report.
Most of the financial firms are suffering due to dampened market sentiment and muted environment for deal-making. The main reason is macro-economic concerns and tumultous markets constraining mergers and acquisitions.
The group had earlier trimmed its workforce across the company earlier in 2023. The impact of the lay off was seen the most in its investment banking division. As of now there has been no official confirmation about the latest job cuts.
The fresh round of job cuts accounts less than 1% of Citi’s 2,40,000-person workforce, people familiar with the matter said at that time. The job cut is also expected to affect the staffers accross the firm’s operations and technology organisation and US mortgage-underwriting arm.
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Updated: 10 Jun 2023, 01:49 PM IST