Layoffs Watch '16: Citigroup

The House Of Corbat is preparing to say some tough goodbyes.

In addition to the employees in New York who were recently told to clean out their desks, a bunch of Citi staffers in London are expected to receive the "it's not you, it's us" speech in the next few weeks.

Citigroup Inc. is planning to cut staff in London as it seeks to trim costs to compensate for lower trading revenue, according to people familiar with the matter. The lender will dismiss about 70 traders and salespeople in the U.K. capital this month, said one of the people, asking not to be identified because they’re not authorized to speak about it. The firm may also cut about 200 jobs in operations and technology groups across the European region, said the person.

Citigroup Said to Plan 70 Job Cuts Across London Trading Units [Bloomberg]