Citigroup to cut 700 UK jobs
Citigroup said on Monday it could be cutting nearly a quarter of its jobs in its UK consumer business in order to focus on its Citi and Egg brands.
Consumer morale lowest in over 13 yearsThe bank said it would be doing no more new lending through mortgage intermediary, Future Mortgages, or its personal loans business, CitiFinancial. The decision has come following a review of its UK consumer arm as part of Citibank's global restructuring programme.
The two businesses between them employ around 700 people, 400 of which are based in Doxford in northeast England. Altogether the consumer arm of Citigroup employs around 3,000 people in the UK.
Bert Pijls, business manager for Citigroup's consumer business said, "Future Mortgages and CitiFinancial were not identified as areas for strategic growth," reports Reuters.
Citigroup globally is trying to save $400 billion (£205 billion) in order to make a profit once more following huge losses from the sub-prime mortgage scandal and the credit crisis.
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