Finance
Citigroup Weighs Cutting 10% of Wealth Employees in London
- Most roles are from assistant vice president to director level
- Moves are separate from CEO Jane Fraser’s broader overhaul
Citibank offices in Canary Wharf in London.
Photographer: Leon Neal/Getty ImagesThis article is for subscribers only.
Citigroup Inc. is weighing a move to cut 51 roles across its wealth business in London as the division’s new chief looks for ways to boost the returns generated by the unit.
The cuts would affect about 10% of the unit’s 485 staffers in the UK and the bulk of the roles being eliminated would be from the assistant vice president to director level, according to a memo to staff seen by Bloomberg. They would include 21 roles in the firm’s private bank division, the memo shows.