(Bloomberg) -- Citigroup, the third-largest U.S. bank, cut 200 to 300 jobs in its division handling stock and bond trades to shrink costs amid a slump, according to a person familiar with the matter.

The reductions amount to about 2% of the workforce in the bank’s global markets business, the person said, asking not to be named because firings are confidential. The firm, which employed 251,000 people at the end of last year, is due to report first-quarter earnings before U.S. markets open today.

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