Is Citigroup This Year’s Morgan Stanley?

In 2011, Morgan Stanley had a bit of a workforce problem. The company tried to hold onto its 60,000 employees, but a series of layoffs prevented that from happening.

Fast-forward to 2012 and job seekers will notice a different trend. Morgan Stanley is still in the process of reducing its headcount, but the Wall Street job market is much less grim. In fact, there were a variety of things that job seekers had to be thankful for last week, including an increase in hiring, a shrinking number of layoffs, and a rise in bonuses.

As with any industry, there are still some companies making headlines for their repeated layoffs. On Wall Street, that company is Citigroup.

According to The Wall Street Journal, the firm is planning to remove 300 people from its sales-and-trading business, which currently employs somewhere around 17,000 people. If the report is correct, this would amount to a decline of less than 2% of the division’s workforce (and far below 1% of the company’s 260,000 employees).

However, Dealbreaker recently reported that the company eliminated 12 percent of its employees in the sales-and-trading business in Hong Kong and Sydney. Without knowing exactly how many people Citigroup employs in those regions, it is hard to say if that would amount to 300 people. But if the layoffs refer to the entire division, that could amount to a loss of more than 2,000 jobs.

At the same time, Citigroup is attempting to fill more than 3,200 positions worldwide, including 580 in Asia, 87 in Latin America, 2,174 in North America, and 434 in Europe, the Middle East and Africa.

Get Hired Now

These days, job seekers have a million options, but we know where they should turn: StreetID. We built StreetID (a financial career matchmaking website) from the ground up to accommodate Wall Street’s growing community of financial professionals. In good times and in bad, current job seekers and those looking to move on in the future can turn to StreetID and sign up for a free account and make a direct connection with relevant candidates and employers.

This entry was posted in Financial Job Market, Hedge Fund Commentary and tagged , , . Bookmark the permalink.

Comments are closed.