Citigroup refutes job loss claims

Citigroup has refuted claims that it is to cut up to 15,000 jobs in its impending restructuring next month.

It was reported that increased costs would hit back and middle offices of the group in all its departments in the USA and worldwide, meaning mass relocation or redundancy across all its interests.

However, the group, which owns UK mortgage firms Future Mortgages and Egg, has said that there is no basis to these claims.

Rob McIvor, director of corporate affairs at Citigroup, says: “There will be a expense restructuring to streamline the business.

“To say that there will be job losses as a result of this is highly speculative, I have no clue where the numbers reported have come from.

“On April 16 we will issue our quarterly results and report any changes to the business.

“It is a streamline process; that is a lot more sophisticated than just job losses.”