Citigroup (NYSE: C) plans to cut 300 jobs in its sales and trading unit by yearend, according to a news report.
Its securities unit cut 900 jobs last year. The current round of layoffs is said to have been in the works before Vikram Pandit, Citigroup's former chief executive, left the company in October, the Wall Street Journal reported Sunday. The securities unit has about 17,000 employees.
"We have been making targeted headcount reductions throughout the year in certain businesses and functions across Citi as part of our efforts to control expenses during the current environment," Danielle Romero-Apsilos, a Citigroup spokeswoman, wrote in an email to American Banker.
Michael Corbat, who succeeded Pandit, has indicated that controlling expenses was still a priority for the company. Citigroup would "remain extraordinarily focused on our efficiency ratios and our overall expense levels," he said the day he was named as CEO, according to the Journal story.
Citigroup has eliminated thousands of jobs since the financial crisis started.