Global financial giant Citigroup (NYSE: C) recently said they are preparing to cut 900 jobs in its securities and banking division, according to the Wall Street Journal. These cuts come as the economic landscape continues to show signs of uncertainty.
The securities and banking division has about 18,000 workers, and the plan to cut 900 equates to about 5% of the unit’s workforce.
According to the Wall Street Journal, these eliminations are to help Citigroup curb some of its expenses. People close to the matter say that Citigroup is considering to cut about 3,000 of its workforce, or about 1%.
Citigroup already cut thousands of jobs back in the financial crisis of 2007-2008. However, as of April, the banking giant said that they are planning to hire about 500 traders and bankers within the next two years.
Within the last six months, shares of Citigroup have fallen of 30%, currently trading around $27.80.
Citigroup is a global financial services company that provides consumers, corporations, governments, and institutions with a range of financial products and services.
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