Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

500 jobs
Number of planned job losses
Job loss
Announcement Date
27 July 2009
Employment effect (start)
Foreseen end date
31 December 2009


Citigroup, one of the main world leaders in the banking sector, is to cut 500 jobs in Italy (out of 1,000 employees) by the end of 2009. The job losses will affect the private banking business unit, which has 65 branches round the country. Consequently, this unit will be closed. Once the restructuring has been completed, Citigroup's business in Italy will be concentrated on corporate and investment banking and global transaction services.

This reorganisation plan is part of the US banking group's global restructuring programme, which envisages selling (or closure) of non-core assets of the group. Citigroup has suffered billions of dollars of losses during the global financial crisis.


  • 28 July 2009: La Repubblica
  • 26 July 2009: Financial Times
  • 27 July 2009: Il Sole 24 Ore


Eurofound (2009), Citigroup, Closure in Italy, factsheet number 69432, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69432.