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.
Separately, Citicorp said it would cut its 78-member fixed-income staff in London by 17 due to overlap with Salomon Smith Barney, the investment banking unit of Travelers Group with which Citicorp intends to merge. A Citicorp spokeswoman in London said the remaining people in fixed-income underwriting, sales, and trading would be transferred to Salomon after the merger is completed.