Citigroup Inc is closing its consumer finance business in Italy and will reduce its employees in the country to about 500 from 1,000 as part of its plans to focus on the Citicorp business.
The global banking giant will keep its corporate and investment banking, global transaction services and financial markets operations in the country, a spokesman said in an email.
No decision has been taken on its credit card business in the country.
The Financial Times reported on Monday that most of the job losses for Citigroup would come in the consumer finance business which has 65 branches in the country.
Citigroup decided six months ago to split its business globally into Citicorp and Citi Holdings, which includes the consumer finance, brokerage and toxic assets that the bank wants to shed.
Citigroup said in June it was selling its Italian private banking operations and headquarters.
(Reporting by Jo Winterbottom; editing by Simon Jessop)