Citi to Cut Hundreds of Trading Jobs

Posted by Ed 10 mths ago
  • Growing list of firms are firing as trading revenue falls anew
  • ‘The rest of Wall Street is thinking the same way,’ Harte says
Citigroup Inc. is preparing to cut hundreds of jobs in its trading division -- stark new evidence that an industry-wide slump in revenue this year may be more permanent than the tweets and policy moves rattling clients.

The New York-based bank plans to slash jobs across its fixed-income and stock-trading operations over the course of 2019, according to people familiar with the matter. That includes at least 100 jobs in the equities unit, which would amount to almost 10% of the division’s workforce, said the people, who asked not to be named because details aren’t public.
“This won’t be the last trading-related job cuts story,” Jeff Harte, an analyst at Sandler O’Neill, said in a telephone interview. “The rest of Wall Street is thinking the same way.”

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