Citigroup layoffs are back, this time to hit its London unit. After almost three months of mass layoffs, Citigroup is reportedly slashing some jobs once again.
According to a report in Financial News, this round of Citigroup layoffs is expected to impact close to 50 jobs in London unit. These include 30 job cuts in investment banking division and 20 more in corporate banking unit.
Like the previous round of mass layoffs, even this round of job cuts is reportedly important for Citigroup in order to “reduce its cost base because of adverse market conditions.” More so, a time that is experiencing a global economic downturn, companies like Citigroup are resorting to a host of measures – only to manage their costs; these also include mass layoffs.
Another report in Bloomberg mentioned that apart from Citigroup layoffs, the company is also dismantling its global team that provides commentary and analysis on foreign-exchange markets. This would include departures in both London and New York as well as in its Latin America corporate bond trading team.
In Citigroup layoffs, the giant’s investment banking division has seen the most impact. This also comes on the backdrop of Wall Street’s investment banks going through a tough time “for deal making as macro-economic concerns and tumultuous markets constrain mergers and acquisitions.”
Apart from this, media reports also suggest that Citigroup layoffs have also impacted staffers across firm’s operations, technology organisation and US mortgage-underwriting arm. These routine cuts are reportedly a part of Citigroup’s normal business planning.