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Citi to Cut Hundreds of Trading Jobs in Bad Wall Street Omen

  • Growing list of firms are firing as trading revenue falls anew
  • ‘The rest of Wall Street is thinking the same way,’ Harte says
Bloomberg business news
Citi Plans Hundreds of Trading Job Cuts
Updated on

Citigroup Inc. is preparing to cut hundreds of jobs in its trading division -- stark new evidence that an industrywide 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, the people said. About 80 of the cuts will take place at Citigroup’s London operations, one of the people said.