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.

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