Citigroup to cut 75 wealth management jobs, including advisers
Citigroup will reportedly make cuts in its personal wealth management group that will involve the elimination of some branch-based financial advisers.
Citigroup will reportedly make cuts in its personal-wealth-management group that will involve the elimination of some branch-based financial advisers.
According to a report from Dow Jones, Citi will lay off a total of 175 people this week as part of a restructuring. That will involve shedding some 75 positions in personal-wealth management, as well as 100 jobs in the company’s credit card business.
Citi has roughly 600 branch-based advisers. The personal-wealth-management group recently adopted a new strategy for these advisers and moved them to a fee-based model, rather than one driven by commissions.
The layoffs are directly connected to this shift in strategy, according to Dow Jones.
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