Citigroup fires private bank CIO amid job cuts: Reports

Citigroup Inc has fired Richard Cookson, chief investment officer of its private bank, as the company looks to cut costs, Bloomberg reported on Monday.

Citigroup will no longer rely on one person to lead the firm's investment strategy and will instead seek to "better leverage the existing in-house expertise across Citi," including its markets and banking research teams, Bloomberg said, citing an internal memo.

Chief Executive Mike Corbat named two company veterans to lead its institutional and consumer businesses on Monday and set lines of command to give him more direct responsibility for executives than his predecessor.

Cookson's dismissal was part of the job cuts the bank announced in December, Bloomberg said, citing a person familiar with the matter.