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(Bloomberg) — Citigroup Inc. is preparing to cut hundreds of jobs in its trading division — stark new evidence that an industrywide slump in revenue this year may be more permanent than the tweets and policy moves rattling clients.

The New York-based bank plans to slash jobs across its fixed-income and stock-trading operations over the course of 2019, according to people familiar with the matter. That includes at least 100 jobs in the equities unit, which would amount to almost 10% of the division’s workforce, said the people, who asked not to be named because details aren’t public.

For months, as global banks watched their revenue from trading slump, industry leaders have said clients were temporarily taking to the “sidelines” amid unpredictable

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