KEY POINTS
  • New York-based Citigroup let go of roughly 50 trading personnel this week, according to people with knowledge of the moves who declined to be identified speaking about layoffs. The firm also cut dozens of banking roles amid a slump in deal-making activity, Bloomberg reported Tuesday.
  • London-based Barclays cut about 200 positions across its banking and trading desks this week, according to a person with knowledge of the decision.
  • Underperformers may also be at risk at JPMorgan Chase, which will use selective end-of-year cuts, attrition and smaller bonuses to rein in expenses, according to a person with knowledge of the bank's plans.

In this article

A trader, center, wears a Citigroup jacket while working on the floor of the New York Stock Exchange (NYSE) in New York.

Global investment banks Citigroup and Barclays cut advisory and trading personnel this week as Wall Street grapples with sharp declines in revenue and dimming prospects for next year.

New York-based Citigroup let go of roughly 50 trading personnel this week, according to people with knowledge of the moves who declined to be identified speaking about layoffs. The firm also cut dozens of banking roles amid a slump deal-making activity, Bloomberg reported Tuesday.

In this article