Swap Dealers Impacted by New Rule, Citigroup to Slash Jobs, Bonuses: Financial Business Review

The Commodity Futures Trading Commission voted unanimously in a private process on Wednesday on a rule that requires Wall Street’s top swap dealers, including JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs Group (NYSE:GS), to guarantee trades at clearinghouses beginning in March. The Dodd-Frank rule was scheduled for a public vote and it determines which credit and interest rate swaps have to be be guaranteed at clearinghouses owned by CME Group (NASDAQ:CME), Intercontinental Exchange (NYSE:ICE), and LCH Clearnet Group.

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Citigroup’s (NYSE:C) trading and investment-banking division intends to cut 150 additional jobs while reducing bonuses by as much as 10 percent, according to two knowledgeable sources. The dismissals are set for the current quarter and should impact units that include equities trading and underwriting. However, the sources added that top performers are likely to be spared bonus reductions.

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