Monday, 23rd November 2009

 

6 November 2009 - Press Briefing

Citigroup plans 75 layoffs at wealth management division

Citigroup is poised to sack almost 75 workers at its bank-based wealth-management division, according to a report in The Wall Street Journal.

It is understood that the layoffs at Citi Personal Wealth Management will include branch-based financial advisers.

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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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