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
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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.