Citigroup is laying off 100 employees in its credit-card business, and 75 executives in its personal wealth management division, Bloomberg reports. The credit-card job cuts are due to the revamping of the division, and will be mainly in marketing, finance and support functions.

The wealth management division will lose 75 financial advisers in the New York and California branches. The cuts, which have been communicated to the affected employees beginning today, are aimed at saving personnel expenses.

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