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Citi's latest layoffs include a popular MD who'd been there 17 years

Citi may have finished part one of its mission to cut 20,000 jobs, but it's only cut 5,000 of them so far. Discounting the removal of another 5,000 jobs from whole business sales, it still has another 10,000 jobs to remove.

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Theoretically, the remaining 10,000 cuts will not afflict revenue generators and will be focused on technologists and support staff. In fact, a popular managing director on the London trading floor is understood to have very recently disappeared. 

Paul Brennan was a managing director and head of UK FX investor sales at Citi until sometime last week, when sources say he was informed he was no longer needed. Brennan joined Citi straight from university in Dublin in 2007 and had been there ever since. He was promoted to managing director in 2021. 

Citi declined to comment on Brennan's exit. He's understood to have been a popular figure who will be much missed. 

Brennan was also a high profile advocate for being yourself at work. In 2022, he told Financial News that he initially didn't come out as gay on the trading floor and that this was tantamount to a "self-inflicted wound." He subsequently started Citi's 'Out in Markets', a network for LGBTQI+ colleagues on Citi’s European trading floor. It's not clear whether this will continue in his absence. 

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AUTHORSarah Butcher Global Editor

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