Citigroup Said to Cut 95 London Jobs in Markets Business

Citigroup Inc. (C), the third-biggest U.S. bank by assets, is cutting about 95 jobs in its markets business in London to reduce costs, two people with knowledge of the plan said.

The cutbacks, part of the 4,500 reductions announced this week, are taking place today in fixed income, currencies, rates and commodities, as well as equities, said the people, who declined to be identified because the talks are private. Citigroup officials in London declined to comment.

Financial firms globally have announced more than 200,000 job losses this year, up from about 58,000 last year and 174,000 in 2009, according to data compiled by Bloomberg. Citigroup Chief Executive Officer Vikram Pandit is cutting staff as banks prepare for regulations on minimum capital levels and the European sovereign-debt crisis persists, threatening revenue from trading and investment banking.

Bank of America Corp. (BAC) CEO Brian T. Moynihan said in September that the Charlotte, North Carolina-based lender plans to cut 30,000 jobs in the next few years.

Credit Suisse Group AG (CSGN) said last month it would eliminate 1,500 jobs after its investment bank posted its first quarterly loss since 2008 in the third quarter. BNP Paribas (BNP) SA, France’s biggest bank, said in the same month that it will trim about 1,400 jobs at its securities unit, with most coming from the lender’s capital markets and structured-finance teams.