Citi Traders Join Wall Street Masses With Pink Slips
Another round of cuts is underway on Wall Street. Meanwhile%2C here is some advice for those who will be looking for new jobs in 2013.
November 19, 2012
Citigroup, which recently drew criticism from analysts for not shrinking faster in response to new regulations and changing market conditions, is on track to slash 300 sales and trading jobs globally in 2012. Confirmation of the latest round of layoffs comes on the heels of major banks announcing 160,000 job cuts since early last year. Many of those who have already lost their jobs or are set to get pink slips are expected to leave the industry for good. Redundancies are currently outpacing new hires by two-to-one, according to Reuters. Citi’s newest round of layoffs follow a 5% cut in the financial institution’s securities-and-banking unit in 2011. The sales-and-trading business is part of Citi’s securities unit, which employs roughly 17,000 people, the Wall Street Journal reports. Both former Citi CEO Vikram Pandit and his su... Read full story on Wall Street & Technology
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