Citibank will reportedly hire 2,500 coders to bolster its trading and investment banking units
Citi's bolstered investment in electronic trading will help drive as much as $600 million in savings in 2020, Bloomberg reported. The firm recently shrank its trading business to meet efficiency goals. Citi's total hires fell to 199,000 by the fourth quarter of 2019, an 18% drop from five years prior.
Citi already used its growing tech team to automate pricing, news, and analytics, Riley told Bloomberg. The newest class of recruits will focus primarily on equities and fixed income projects, bringing data-driven efficiencies to inherently unpredictable businesses.The sentiment was echoed in September by Goldman Sachs' former trading chief Marty Chavez.
Citigroup traded at $79.42 per share at 11:15 a.m. ET Monday, down roughly 0.4% from Friday's closing price. The bank has 22"buy" ratings, four"hold" ratings, and one"sell" rating from analysts, with a consensus price target of $86.52, according to Bloomberg data.
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