Citigroup is planning to cut staff in London as it seeks to trim costs to compensate for lower trading revenue, according to people familiar with the matter.
The lender will dismiss about 70 traders and salespeople in the U.K. capital this month, said one of the people, asking not to be identified because they are not authorized to speak about it. The firm may also cut about 200 jobs in operations and technology groups across the European region, said the person.
Citigroup took a $300 million charge in the fourth quarter of last year as it began reducing at least 2,000 jobs globally. Chief Financial Officer John Gerspach said last month that first-quarter revenue from fixed-income and equity trading would probably drop 15%. The bank is scheduled to report quarterly results on Friday.
Chief Executive Officer Mike Corbat has shrunk headcount by more than 30,000 since taking over in 2012. The bank had 231,000 workers at the end of last year, down almost 40% from 2007.
Capucine Boncenne, a spokeswoman for Citigroup, declined to comment.