Citigroup cuts 200 to 300 jobs
NEW YORK: US bank Citigroup has cut between 200 and 300 additional jobs, most in the global markets business, The Wall Street Journal reported Sunday.
Some of the employees were fired, while others left voluntarily. Among them was Steve Prince, the younger brother of former chief executive Charles Prince, according to the newspaper.
Prince’s LinkedIn profile says he is a senior vice president for marketing and advertising.
The cuts account for about two per cent of the global markets business, it added, citing a person familiar with the matter.
Citigroup refused to comment on the report.
“We continue to tightly manage expenses, making targeted headcount reductions in light of current market conditions,” spokeswoman Danielle Romero-Apsilos said in a statement.
“At the same time, we are adding some talent strategically, leveraging our unique global footprint to serve our clients.”
The layoffs come as Citigroup cuts expenses in its business units as the banking industry adjusts to new regulation and loan demand.
On Friday, JP Morgan reported that trading revenue dropped 17 per cent in the first quarter, a trend Citigroup has warned it could follow.
Late last year, Citigroup had 251,000 employees, a far cry from its 323,000 employees in late 2008 at the height of the financial crisis.