Citicorp plans to cut about 850 workers at Confia SA as part of a restructuring of its Mexican banking unit, the Mexican daily Reforma reported.

A Citicorp spokeswoman in Mexico confirmed that the unit would be restructured and that 17 of its more than 200 branches would be closed. She declined to disclose details of possible job cuts, but Reforma said layoffs could affect up to 1,500 workers over the long term. Citicorp bought Confia this year.

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.