According to reports from Bloomberg, 51 of 485 roles in the division would be lost and the majority the lost jobs would be executives ranging from assistant vice president to director level.
The memo to staff seen by Bloomberg noted that the cuts would include 21 roles in the firm’s private bank division.
Valentin Valderrabano, chief operating officer for the global wealth business, reportedly said in the memo: “The wealth business is continuing to identify areas to improve efficiency through structural changes and cost base reductions.”
He added that the firm had started a process with its London Consultation Form, with representatives set to engage with affected employees “as soon as we are in a position to do so”.
Andy Sieg joined Citigroup last year from Bank of America, where he led the Merill Wealth Management unit for six years.
CEO Jane Fraser said in the announcement of his hire: “Our team is on a mission to transform Citi – and he is highly driven and motivated to play a central role in our firm’s leadership.”