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7 July 2009 - Dow Jones Newswires

Citigroup To Cut Italy Workforce, Sell Private Banking Unit

Citigroup will cut its Italian workforce from 1,000 to 500 by the end of 2009 and could sell its Italian private banking unit to Banco Santander, il Sole 24 Ore reports.

The paper cites an interview with Citigroup's Chief Executive Officer of the Middle East, Africa and Europe, William Mills.

The paper says that William Mills is in Italy to discuss changes to the Italian structure, in which Citigroup will be left with only its corporate and investment banking operations in Italy.

The Italian country manager Giuliano Malacarne is expected to leave the bank, Sole also says.

"More than a diet, I prefer to talk about getting back in shape," Mills is quoted as saying in the interview.

-Rome Bureau, Dow Jones Newswires; 39 06 69766923

Tags: Banco Santander , Citigroup

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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