Citi could cut more than 650 UK jobs
Troubled bank says it will be closing two British personal loan businesses.
LONDON (AP) — Citigroup Inc. will close two of its British personal loan operations and could cut more than 650 jobs, the embattled banking giant said Monday.
Citi UK said that as of Wednesday, it will stop offering loans through its Future Mortgages and CitiFinancial arms, which deal mainly in subprime mortgage and unsecured personal loans, respectively.
"This business realignment reflects Citi’s recently announced global focus of allocating capital to the best opportunities for growth," the company said in a statement.
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