Citi Plans Hundreds of Trading Job Cuts

The video discusses the broad-based job cuts expected across City Bank's trading divisions due to a tough first half for trading on Wall Street. City Bank is under pressure to cut costs to meet profitability targets, unlike other banks. The video compares City Bank's actions with Deutsche Bank's drastic job cuts and speculates on future strategies of other banks, including potential redundancies and consolidations.

What divisions are primarily affected by the job cuts on Wall Street?

• Marketing and Sales

• Research and Development

• Fixed Income and Equity Trading

• Human Resources and Administration

Why is Citi under more pressure to cut costs compared to other Wall Street banks?

• Because of high loan defaults

• To expand into new markets

• Due to a decrease in customer deposits

• To meet ambitious efficiency and profitability targets

How many job cuts did Deutsche Bank announce?

• 15,000

• 20,000

• 10,000

• 18,000

What are some potential strategies other Wall Street banks might consider?

• Expanding retail banking services

• Hiring more traders

• Focusing on front office cuts or consolidating back-end operations

• Increasing marketing budgets

What is a possible outcome of the mixed approaches banks might take?

• Diverse strategies tailored to each bank's needs

• Uniform strategies across all banks

• Increased hiring in all departments

• Complete elimination of trading divisions