Tue, Apr 15, 2014 - Page 15 News List

Citigroup slashes up to 300 jobs

COUNTING HEADS:The US giant said its first-quarter trading revenue may echo JPMorgan’s disappointing results, as it continues its post-crisis pruning of staff

AFP and Reuters, NEW YORK and LONDON

The pace of staff reductions approximately halved last year and most banks are now coming to the end of disposals and cutbacks agreed during the crisis.

However, upcoming EU-wide tests on whether banks need to hold bigger capital cushions could trigger another wave of asset sales and cuts.

Only three of the banks — Barclays PLC, Handelsbanken AB and Deutsche Bank AG — added jobs last year, and those totaled less than 770.

However, banks are hiring in a few areas, with some recruiters citing rises in specialist compliance roles such as anti-money laundering, cybersecurity and internal audit, as lenders have to deal with increasing demands from regulators determined to avoid a repeat of the crisis.

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