Wall Street Journal: Citigroup cuts 200-300 jobs

By Agence France-Presse
Sunday, April 13, 2014 21:35 EDT
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A woman walks by a Citibank branch at the US bank Citigroup world headquarters on Park Avenue, in New York, Nov. 17, 2008 [AFP]
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US bank Citigroup (NYSE: C – news) has cut between 200 and 300 additional jobs, most in the global markets business, The Wall Street Journal reports.

Some of the employees were fired, while others left voluntarily. Among them was Steve Prince, the younger brother of former chief executive Charles Prince, according to the newspaper.

Prince’s LinkedIn profile says he is a senior vice president for marketing and advertising.

The cuts account for about two percent of the global markets business, it added, citing a person familiar with the matter.

Citigroup refused to comment on the report.

“We continue to tightly manage expenses, making targeted headcount reductions in light of current market conditions,” spokeswoman Danielle Romero-Apsilos said in a statement.

“At the same time, we are adding some talent strategically, leveraging our unique global footprint to serve our clients.”

The layoffs come as Citigroup cuts expenses in its business units as the banking industry adjusts to new regulation and loan demand.

On Friday, JP Morgan (Other OTC: JPYYL – news) reported that trading revenue dropped 17 percent in the first quarter, a trend Citigroup has warned it could follow.

Late last year, Citigroup had 251,000 employees, a far cry from its 323,000 employees in late 2008 at the height of the financial crisis.

Agence France-Presse
Agence France-Presse
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