Citigroup plans to cut roughly 350 additional jobs this year from its securities division, which includes investment banking and trading, according to published reports.
The reduction equals about 2% of the unit's staff. The financial services giant previously disclosed plans to eliminate 1,200 jobs from the division.
Citigroup, which has cutback its presence in mortgages, is struggling with a revenue slump in trading and investment banking. Also, bank officials have indicated that new regulations are also crimping profits.
First-half net income at the division was down more than 40% from two years earlier.
"We continue to make targeted headcount reductions in certain businesses as part of our ongoing efforts to control expenses in light of current market conditions," said a company spokeswoman.
Citigroup announced plans in January to cut 1,200 people to save $600 million this year at the securities and banking division.
In mortgage lending, Citigroup had one of the weakest growth rates in 1Q among the nation’s top 10 lenders, according to figures compiled by ASR sister publication, National Mortgage News and the Quarterly Data Report.
