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Citigroup’s Trading Cull Begins as Bank Seeks to Cut 400 Workers

  • Company has dismissed 75 people so far in New York, London
  • Cuts have been focused on cash equities, equity derivatives
Bloomberg business news
Citi Plans Hundreds of Trading Job Cuts

Citigroup Inc. has begun to make cuts to its trading workforce as it works toward culling about 400 people from the division.

The company has dismissed dozens of employees across its trading division this week, including cash equities and equity derivatives traders, according to people with knowledge of the matter. Roughly 50 people have been cut at Citigroup’s New York office so far, and about 25 people are out in London, with more expected this year, said the people, who asked not to be identified discussing personnel.