Global financial companies are preparing to chop thousands of banking and trading jobs, signaling their latest retreat in the face of nervous markets, uneven economic growth, tougher regulations and slumping stock prices, the Wall Street Journal reported.

Bank of America Corp. (BAC) and Credit Suisse Group AG (CS) announced plans Wednesday for new cost cuts following hefty belt-tightening at both institutions last year. Citigroup Inc. is on pace to cut an added 2% of securities and banking jobs this year, or about 350 people, after announcing 900 job cuts at the unit last year, said people familiar with the situation.

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