Citigroup Australia cuts structured products jobs
Four sales positions have been made redundant in Citigroup’s structured products division in Australia in the past week.
Citigroup Australia claims the redundancies were part of a “year-end review of the business” and were unrelated to the group’s announcement last week that it would slash thousands of jobs internationally.
This followed the group’s posting of a record US$11 billion loss for the final quarter of 2007 — or a US$1 billion loss a week for the quarter — related to loans made to the now slumping US housing market.
The local redundancies follow from a review decision to “merge sales desks across warrants, structured loans and structured products”, according to Judy Hitchen, Citi Corporate Affairs, Australia and New Zealand.
She told Money Management that the division, headed up by Marcus Christoe since midway through last year, would “continue to focus on intermediated channels, including private banks, IFAs [independent financial advisers] and stockbrokers”.
Hitchen said that no further retrenchments were planned to follow from the merger.
She said she could not comment on the seniority or otherwise of the four sales positions made redundant.
Recommended for you
Large AFSLs with more than 100 advisers are seeing the largest losses in both adviser and AFSL numbers as individuals seek a smaller, personal vision in their work.
Former deputy CEO of AMP Capital, David Atkin, has announced he will be returning to Australia after stepping down as chief executive of the Principles for Responsible Investment organisation.
A global Morgan Stanley report has found 83 per cent of Asia-Pacific individual investors would select a financial adviser based on their sustainable investment offerings, and are most understanding of how ESG can boost returns.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
