In attempts to streamline its operations, Citigroup Inc plans to cut 300 sales and trading jobs in 2012.

According to the Wall Street Journal, the sales and trading unit of Citibank employs c. 17,000 people. A Citigroup spokeswoman said the company had ‘been making targeted headcount reductions throughout the year in certain businesses and functions across Citi as part of our efforts to control expenses during the current environment’.

Many banks are looking to jobs cuts and branch closures to boost profits amidst a difficult business climate and regulatory reforms: HSBC also announced that it is looking to sell its stake in Ping An Insurance, sparking speculation that it could sell off more of its non-core assets in the times ahead.

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