For Recruiters
Its RIF time at Citi.

Citigroup is cutting some jobs this week

It's that time of year at Citi. Following a 51% drop in net income at its institutional clients group in the first quarter, we understand that Citi is rolling a few heads.

The bank declined to comment on the claims, and insiders say it's nothing major - this is simply Citi's biannual reduction in force (RIF) cull, which always comes to pass in October/November and April each year. 

"In London, it usually involves 20-30 people in the markets division," says one source. 

Following a first quarter when Citi's fixed income trading revenues fell by 1% and its equities trading revenues fell by 4%, while its equity capital markets revenues fell by 78%, it's ECM bankers who might be most exposed to the cuts this year. 

However, one Citi source said the cuts - which are already underway in London - appear mostly focused on operations staff for the moment. "In some cases they're looking for volunteers," he said.

Speaking during Citi's first quarter investor call, CFO Mark Mason noted that costs rose 10% year-on-year in the first quarter and that 30% of this increase was due to technology spending. Jane Fraser said the bank is simplifying its management structure and generating "efficiencies" that will "dent" its structural cost base.

Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for top jobs in technology and finance. 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Photo by Kevin Schmid on Unsplash

 

 

 

author-card-avatar
AUTHORSarah Butcher Global Editor
Cancel
  • pb
    pbug56
    27 April 2022

    I'll bet that at Citi, there are areas desperate for the talent getting shoved out of the departments doing layoffs, but that HR and business management would not even consider hiring them.

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
Hays
Legal Counsel
Hays
Canberra, Australia
Hays
HR Business Partner
Hays
Sydney, Australia
Hays
UX Designer
Hays
Sydney, Australia
Hays
Branch Manager
Hays
Melbourne, Australia
Hays
.NET Developer
Hays
Perth, Australia
Hays
Power BI BA
Hays
Sydney, Australia