Ten members of staff in Citi’s Asia Pacific equities research department have been laid off as the bank completed the final stage of a comprehensive global reorganisation.

According to Reuters, the restructuring lowered levels of management to eight from 13.

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Citi’s recent restructuring completes its new framework and is part of a larger objective to reduce its global workforce of 239,000 by 20,000 over the next two years.

The firm removed 1,500 managerial positions, accounting for 13% of its global leaders.

Additionally, early this month, Citi Private Bank enhanced its Global Family Office (GFO) by adding a new member.

The bank announced Richard Weintraub as the new leader of the Family Office Group for the Americas.

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Weintraub worked with UBS in the Global Family & Institutional Wealth group, where he provided services to some of the leading family office clients worldwide.

He has strong connections, a thorough understanding of the family office industry, and a track record of providing family offices with institutional solutions.

Furthermore, Citibank Singapore finished both of its satellite wealth advising centres in February, reiterating its renewed enthusiasm for Singapore as a vital strategic site for its wealth business.

Andy Sieg, global head of wealth at Citi, inaugurated the new location at One Holland Village. It joins the Parkway Parade wealth centre, which began serving customers since 18th December last year.

The bank’s Citigold and Citigold Private Client clients are now able to meet with their relationship managers closer to home, taking advantage of the two newly finished facilities.

They remain connected to a team of product specialists and the main Citi Wealth Hub located at 268 Orchard.