Citigroup (C) is preparing to cut hundreds of jobs in its trading business, people familiar with the matter told Bloomberg News.
Revenue growth in Citigroup's trading business has been poor, and the New York banking company is now focused on laying employees off in both fixed-income and stock trading, the news service reported.
The layoffs will come in the rest of 2019. They include at least 100 jobs in the equities trading unit, roughly 10% of that unit, Bloomberg reported.
Citigroup has been cutting costs and will continue that effort into the second half. Citigroup management has said publicly it wants to get return on equity up to 12%. To do that, the bank said it would cut headcount but not investment in technology.
Citi shares slipped 0.2%, as the broader U.S. market was down. Citigroup shares are up 34% year-to-date, outpacing the S&P 500's gain of 20%.
Citigroup is a holding in Jim Cramer's Action Alerts PLUS member club.
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