Citigroup has cut 175 jobs as it reorganizes credit-card and wealth-management units, media reports said. Out of the total cut, 75 of the positions will come from the wealth management division.
The 75 job cuts will be from among the financial advisors based in bank branches, mostly in New York and California, according to a spokesperson for the bank, as cited by reports.
Already, Citi has cut about 100,000 jobs since late 2007 when current CEO Vikram Pandit took up the post, reducing total headount by about 26 per cent.
Citi Personal Wealth Management, led by Deborah McWhinney, is pushing the bank’s network of branch-based brokers, until now about 600 in number, to shift to charging fee-based advisory services instead of commission-based securities and mutual-fund sales, Bloomberg reported.