Citicorp said Thursday that it is cutting 20 jobs in its government debt sales and trading unit and will combine its U.S. and European-based government debt and debt derivatives functions.
The cuts are to be made at Citicorp Securities Inc., which has 40 government debt sales and trading employees in the United States, Italy, and Greece, a spokeswoman said. Most of the layoffs would be in the United States, she added.
The cuts, which started this week, are part of an effort to gain efficiencies in Citicorp Securities Inc., said James Tabacchi, treasurer of the unit. The spokeswoman added that the changes would help the bank prepare for the common European currency.
The government debt unit, otherwise known as Citicorp's primary dealership, would continue to operate as usual, Mr. Tabacchi said.