US banking giant Citigroup has reportedly slashed around 200 to 300 jobs in its global markets division to shrink costs.
The job cuts will account to about 2% of the global markets business, according to a Wall Street Journal report.
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The report added that the move has also resulted in some staff members to voluntarily leave the firm including Steve Prince, the younger brother of former CEO Charles Prince.
The job cuts come as Citigroup reduces expenses in its business units in response to new regulation and loan demand.
Citi chief executive Mike Corbat said that the job cuts comes as part of the firm’s strategy to bring down expenses to improve efficiency ratios at the bank.
Meantime, Citi is planning to launch a new electronic pricing tool that will allow its institutional customers to view prices for equity block trades. It will allow hedge funds, asset managers and mutual funds to trade on prices.
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By GlobalDataDanielle Romero-Apsilos, Citigroup, spokeswoman said: "We continue to tightly manage expenses, making targeted headcount reductions in light of current market conditions. At the same time, we are adding some talent strategically, leveraging our unique global footprint to serve our clients."
