2023-06-10 00:32:07
The US banking group Citigroup intends to cut up to 50 jobs in its branches in the British capital, in the latest wave of job cuts in the banking group.
An informed source said that the plan includes the write-off of 30 jobs in the investment banking services sector and 20 jobs in the corporate services unit, adding that the write-off of jobs is necessary in order to reduce the bank’s expenses in light of the unfavorable market conditions.
Bloomberg reported that Citigroup dismantled its global team that provides analysis and commentary services on exchange market conditions, with exits from both London and New York, as well as the corporate bond trading team in Latin America.
This comes at a time when US investment banks are facing a difficult environment for the activities of managing mergers and acquisitions deals and initial public offerings due to concerns regarding the macroeconomic conditions in the world.
This comes as Citigroup began cutting hundreds of jobs earlier this year, with the investment banking sector most affected.
The jobs that are decided to be written off represent less than 1% of the total number of employees in Citigroup, which amounts to 240,000 employees, according to informed sources.
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