Jobs To Go At Citigroup

Christopher Preston, who runs the group's private banking business in Europe, Middle East and Africa, confirmed in an interview with the news agency that its continental private banking operations are to be restructured.

Reuters quote industry sources that up to seven per cent of European private banking jobs will go. In London, Lugano and Geneva the cuts could be as high as fifteen per cent.

It is also believed that Deutsche Bank may cut up to two-thirds of private banking staff in its London operation, after the unit lost £10m last year.