Citigroup to axe 300 Jobs in Global Markets Division

Citigroup to axe 300 Jobs in Global Markets Division

Global financial giant, Citigroup Inc has announced its decision to cut 200 to 300 jobs in its division handling stock and bond trades in order to cut costs.

The third largest banking firm in the United States is aiming to cut its costs in order to be able to revive its business. The latest cut in jobs will result in about 2 per cent cut in its total workforce of the bank's global markets business, according to the people closer to the matter. The banking giant had a total staff of 251,000 people as of December of the previous year.

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

Citigroup Chief Financial Officer John Gerspach had said earlier that he expected trading revenue to fall significantly at the bank. The bank is controlling its management costs to cut its expenses. Some of the members were asked to leave while others left voluntarily.

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