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.