Shares in investment giant Citigroup Inc (NYSE:C) nudged higher as reports emerged it was planning to axe staff in the financial hub - the City of London.
The group is bidding to trim costs to mitigate lower trading revenue.
According to sources, Citi will axe around 70 traders and sales staff in London this month, said one unidentified source, according to Bloomberg.
The firm was hit with a $300 million charge in the fourth quarter last year as it began reducing at least 2,000 positions around the world.
The proposed cuts at Citigroup are the latest at the bank since the 2008 financial crisis.
The group had 231,000 workers at the end of 2015, down almost 40% from 2007.
Citigroup shares added around 1% to go to US$41.54.