Citigroup London wealth division faces 10% job cuts - reports

Around 51 of 485 roles

clock • 1 min read

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...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on People moves

Fidelity poaches AXA IM's Marion Le Morhedec for global CIO fixed income role

Fidelity poaches AXA IM's Marion Le Morhedec for global CIO fixed income role

Will report to Andrew Wells

Linus Uhlig
clock 16 June 2025 • 2 min read
Schroders shakes up client team with quadruple appointment

Schroders shakes up client team with quadruple appointment

Matt Oomen joins from BNY Investments

Linus Uhlig
clock 16 June 2025 • 2 min read
Pantheon partner Helen Steers to retire at the end of 2025

Pantheon partner Helen Steers to retire at the end of 2025

Charlotte Morris remains in charge

Linus Uhlig
clock 13 June 2025 • 1 min read
Trustpilot