Banking Crisis

Citigroup Cuts Wealth Management, Credit Card Jobs

Tom Burroughes Editor London 5 November 2009

articleimage

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.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes