The company is more likely to cut jobs than add them while adjusting its workforce, Gerspach said today on a conference call with journalists. The New York-based bank employed about 261,000 people at the end of June, down from 263,000 three months earlier, according to data.
Citigroup is laying off about 5,000 workers as it adjusts to new trading regulations and clients take fewer risks amid the European sovereign-debt crisis, the company said in January. The bank, which seeks to cut 1,200 jobs from its securities and banking division, will consider more spending reductions in trading and investment banking if revenue doesn’t improve.
“There certainly is a good element of headcount reduction that is contributing to the overall expense reduction,” Gerspach said. “We’re going to continue to look at that business and make sure that we’ve got it sized appropriately.”
Read the full story at Bloomberg.
Want a daily digest of articles like this one, plus the latest Wall Street jobs at top-tier organizations? Join 25,000 other Wall Street professionals and subscribe to our free afternoon newsletter. You may also be interested in our Wall Street Job Board, offering hundreds of new jobs at world-class financial institutions. . Where do you find news, style, and career all in one place? The Executive Gateway, our new lifestyle magazine.
Image Credit Victor J. Blue/Bloomberg