Citigroup London wealth division faces 10% job cuts - reports

Around 51 of 485 roles

Citigroup is reportedly considering cutting 10% of roles across its wealth business in London as new head Andy Sieg looks to boost returns.

According to reports from Bloomberg, 51 of 485 roles in the division would be lost and the majority the lost jobs would be executives ranging from assistant vice president to director level. The memo to staff seen by Bloomberg noted that the cuts would include 21 roles in the firm's private bank division. Fund managers ringfenced from upcoming abrdn job cuts Valentin Valderrabano, chief operating officer for the global wealth business, reportedly said in the memo: "The wealth business is continuing to identify areas to improve efficiency through structural changes and cost base red...