Citi traders face job cuts in London

The investment bank is embarking on a cost-cutting programme across Europe, involving trading, sales and operations units.

Citi is to cut around 70 staff working in trading and sales functions in the London office as part of a wider cost-cutting programme across Europe.

The cuts – reported by Bloomberg – are said to be the result of the bank taking action to mitigate a drop in revenue from its trading operations.

Last month chief financial officer John Gerspach, warned that fixed income and equities trading revenues had been significantly impacted in the first quarter of 2015 and are likely to be down around 15% on the previous year.

The banking giant is to announce its first quarter earnings to investors on Friday 15 April 2016.

The firm is also expected to be making cuts of up to 200 jobs in its technology and operations units across Europe, according to the Bloomberg report.

In March, activist shareholder and Citigroup investor Bartlett Naylor, made global headlines when he suggested that the group was “too big to manage” in its current form.

The news comes on the same day as Japanese investment bank Nomura confirmed it was cutting up to 1,000 jobs in the US and Europe as part of a downsizing programme of equity research, underwriting and derivatives business units.

A spokesperson for Citi was unable to comment at the time of publication.  The story will be updated at a later date if further comment is made available.