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Citigroup Said to Plan 70 Job Cuts Across London Trading Units

  • Bank said to plan reduction of 200 back-office jobs in region
  • Firm has said trading revenue probably fell in first quarter
Bloomberg business news

It Won't Be a Good Quarter for Banks, Here's Why

Citigroup Inc. is planning to cut staff in London as it seeks to trim costs to compensate for lower trading revenue, according to people familiar with the matter.

The lender will dismiss about 70 traders and salespeople in the U.K. capital this month, said one of the people, asking not to be identified because they’re not authorized to speak about it. The firm may also cut about 200 jobs in operations and technology groups across the European region, said the person.