BANKING:The third-biggest US bank plans to increase the headcount for its European credit sales and trading team by as much as 5 per cent to seize market share from rivals cutting back in the region.

Citigroup is looking to hire more staff for the business in the next six to 12 months, according to Conor Davis, head of credit sales for Europe. The bank, which has about 100 people in the team, is growing while European firms including Royal Bank of Scotland and Deutsche Bank shed thousands of workers.

Citigroup is expanding in European sales and trading as lenders across the continent sell assets to meet tougher capital requirements and weather the region's debt crisis. The growth comes as the New York-based firm cuts jobs elsewhere to pare costs. – (Bloomberg)