Citigroup Joins Short List of Lenders, Gutting London Operations

[kreslik.news]

Citigroup Inc has joined the ranks of global banking institutions that are scaling back their respective London operations in a bid to reduce costs amidst waning profit margins and revenues, per a recent Reuters report.

The move follows on the heels of several other industry mainstays, which has to date included Deutsche Bank, Standard Chartered, Barclays, and Nomura. While each of these lenders has in some capacity trimmed their respective staffs, there have been varying degrees or strategies in doing so. For example, Deutsche Bank has opted to gut a majority of its personnel in the region, read more)