Citibank 'Rightsizes' Metals Group; Is Foreign Exchange Unit Next?
BANKS
Complying with its mandate to reduce costs, Citibank recently reduced its precious metals divisions in New York, London and Hong Kong from 20 people to about 12 and a source at the bank says the foreign exchange unit "will probably incur some casualties," as well.
A source on the trading desk says, "there are rumblings [on the desk] concerning this issue, but the underlying feeling is that the weak or marginal performers will be weeded out."
Although that may be the consensus, not everyone on the
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