In its most recent wave of layoffs, Citigroup Inc plans to eliminate 30 investment banking positions and an additional 20 roles in its corporate banking unit in London. This decision comes after the disbandment of its global team.

According to a report from Bloomberg News on Thursday, Citi Bank is undertaking additional measures by dismantling its global team responsible for providing commentary and analysis on foreign-exchange markets. This move will result in departures from both London and New York offices. Additionally, Citi is making changes to its Latin America corporate bond trading team.

Investment banks on Wall Street are still grappling with a subdued dealmaking environment due to macroeconomic uncertainties and volatile markets, which are limiting mergers and acquisitions. As reported by Bloomberg in early March, Citi initiated job cuts across various divisions earlier this year, including its investment banking division.

When asked about the recent cuts, a spokesperson from Citi declined to confirm whether these layoffs are related to the ones reported by Bloomberg in March.

According to sources familiar with the matter, the number of cuts represents less than 1% of Citi's total workforce of 240,000 individuals. In addition to investment banking roles, employees in various areas such as operations, technology, and the US mortgage-underwriting arm were also impacted. These routine cuts are said to be part of Citigroup's regular business planning.

All positions within the CitiFX global FX strategy team were affected, with some individuals potentially transitioning to other roles within Citigroup. Reports indicate that employees in both London and New York have departed from the company.

The cuts had an impact on employees within Citigroup's operations and technology organisation, as well as its US mortgage-underwriting arm. These cuts were described as routine and part of Citigroup's regular business planning. It was clarified that there was no overarching mandate for managers to reduce staff. Instead, individual divisions within the company made these decisions based on their specific circumstances and reasons.