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The third-largest U.S. bank, Citigroup Inc., has reportedly cut 200 to 300 jobs in its division handling stock and bond trades, according to a report by Bloomberg News. A person familiar with the matter has reported that the job cuts come as bond trading has seen a slump and the bank also expects to see some decline in their trading revenue. Headquartered in Manhattan, New York City, Citigroup Inc. is a multinational financial services corporation. The year 2012 marked Citi’s 200th anniversary. It is currently the third largest bank holding company in the United States by assets. Its largest shareholders include funds from both the Middle East and Singapore. The bank is tightly managing expenses and “making targeted headcount reductions in light of current market conditions,” according to a quote from a company spokeswoman, reported in the Wall Street Journal.
A spokeswoman for the New York-based bank, Danielle Romero-Apsilos, has stated that “We continue to tightly manage expenses, making targeted headcount reductions in light of current market conditions,” according to Bloomberg News, Danielle Romero-Apsilos added, “At the same time, we are adding some talent strategically.”
It has been reported that some of the Citigroup Inc. employees were fired, while according to the Wall Street Journal, others left voluntarily. Among those who lost their job, Steve Prince, the younger brother of former Citigroup Chief Executive Charles Prince, as reported by Reuters. Steve Prince, who is listed as a senior vice president on his LinkedIn profile, did not respond to a message seeking comment.
According to Forbes Magazine, at its height Citigroup Inc. used to be the largest company and also the largest bank in the world by total assets with 357,000 employees until the global financial crisis of 2008. If you would like more information about employment opportunities in the banking sector? Readers can click here.
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