Citigroup is looking to sell – or failing that, to close – its private banking business in Italy and is to reduce its presence in the country by about half.

The move, part of the US banking group’s global restructuring programme, is expected to see the number of people employed in Italy fall from 1,000 to about 500 by the end of this year, with most of the job losses coming in its Italian consumer finance business. That unit, which has 65 branches round the country, is being closed.