Citigroup Inc. is planning to cut 30 investment banking jobs and 20 more in its corporate banking unit in London in its latest wave of redundancies.
The cuts are necessary for the bank to reduce its cost base because of adverse market conditions, according to a person within the bank, who isn’t authorized to speak publicly. Financial News reported the layoffs earlier.
Citi is also dismantling its global team that provides commentary and analysis on foreign-exchange markets, with departures in both London and New York as well as its Latin America corporate bond trading team, Bloomberg News reported separately Thursday.
Wall Street’s investment banks continue to face a muted environment for dealmaking as macro-economic concerns and tumultuous markets constrain mergers and acquisitions. Citi began cutting hundreds of jobs across the company earlier this year, with the Wall Street giant’s investment banking division among those affected, Bloomberg reported in early March.
A Citi spokesperson declined to say whether the latest cuts are part of those reported on by Bloomberg in March.
The cuts amount to less than 1% of Citi’s 240,000-person workforce, people familiar with the matter said at the time. Staffers across the firm’s operations and technology organization and US mortgage-underwriting arm were also among those being affected, with the routine cuts part of Citigroup’s normal business planning, the people said.