Report: Citigroup to Cut 75 from Wealth Management Group

Citigroup is laying off 75 employees in its personal wealth management group, including branch-based financial advisers, according to Dow Jones.

The cuts are part of broader restructuring at Citigroup, which will include 100 job cuts in its credit-card business.

“These actions are difficult for everyone involved,” said Samuel Wang, a Citigroup spokesman, in a statement, according to Dow Jones. “For Citi Personal Wealth Management, this is part of a strategic shift to focus qualified financial advisers located in Citibank branches on providing more fee-based, investment advisory services.”

Citi recently announced that the financial advisers at its Citibank branches will switch to offering fee-only investment advisory services (“Citi Advisers Will Switch to Fee-Only, Partner with RIAs”).