The ax has fallen on Citigroup Inc.'s high-profile advanced development group, which in October was rechristened e-Citi to reflect its mission of "innovation and transformation."

The e-Citi unit-not immune to cutbacks throughout the company formed by the merger of Citicorp and Travelers Group-said 70 people in support functions would be laid off, mainly at its development center in Los Angeles.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.