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TheStreet Open House

Citigroup to Slash 300 More Jobs: Report

Stocks in this article: C

NEW YORK ( TheStreet) -- Citigroup (C) will eliminate another 300 sales-and-trading jobs globally in 2012, the Wall Street Journal reported, citing people familiar with the process.

The cuts were set in motion before the abrupt departure of Citigroup CEO Vikram Pandit and COO John Havens.

Citi's new CEO Mike Corbat has also said that cutting expenses at the bank will remain his top priority.

Citigroup has already slashed 900 jobs in its securities and banking unit in the past year, according to the report.

Banks continue to focus on spending cuts as global economic growth remains slow and macroeconomic uncertainty surrounding the fiscal cliff in the U.S. and the ongoing European debt crisis have hurt capital market activity.

Shares of Citigroup were up 1.6% in premarket trading.

--Written by Shanthi Bharatwaj in New York



>To contact the writer of this article, click here: Shanthi Bharatwaj.

>To follow the writer on Twitter, go to http://twitter.com/shavenk.

>To submit a news tip, send an email to: tips@thestreet.com.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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