Citigroup will let go of staff in Australia as part of a global plan to cull 52,000 positions.
Citigroup plans to shed a small number of staff in Australia, as part of a global plan to cull 52,000 positions in the near-term.
"Talking about Citi Australia as a whole, which includes Citi Smith Barney, there will be a small reduction in the workforce," a Citigroup Australia spokesperson said.
Citi Smith Barney (CSB) is Citigroup's wealth management division, which has around 200 financial planners in Australia.
The spokesperson was unable to provide details on what roles will be made redundant.
The spokesperson also declined to comment on whether CSB in Australia will continue to hire financial planners and potentially make strategic acquisitions.
In August, CSB managing director Tom Burns told InvestorDaily that the business was looking to expand.
The job cuts were revealed when Citigroup chief executive Vikram Pandit met with employees in New York yesterday.
At the meeting, he showed a presentation slide titled "Getting Fit - Fast!", which outlined the bank's goal to have under 300,000 staff in the near-term, and lower expenses by 16 per cent.
Citigroup's employee numbers peaked at 375,000 in the final quarter of 2007.
The bank has shouldered over $60 billion in mortgage-related losses since the sub-prime crisis began in 2007.
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