What is Citigroup's stated reason for cutting staff in its physical metals trading business?

Citigroup stated it is 'reducing its physical footprint' in industrial metals and that physical metals trading will no longer be a 'core business activity', citing weak performance in the unit and clients finding 'more attractive pricing with our competitors'—as documented in its January 2026 redundancy warning letter and submissions to the tribunal.

Why does Reagan Nettleingham claim he was dismissed, and how did Citigroup respond?

Nettleingham claims he was dismissed in retaliation for blowing the whistle on alleged 'rogue sales' in agriculture in 2025, asserting he made 'protected disclosures'; Citigroup countered that he raised concerns only in writing after being notified of potential redundancy, and that an internal investigation found 'no breach of its processes or procedures', maintaining his dismissal was part of broader headcount reduction in physical metals due to poor performance.

Citigroup Retreats from Physical Metals Markets Amid Trader Cuts

Apr 30, 2026

Citigroup is reducing its physical industrial metals trading footprint and cutting staff due to weak performance, though a former employee alleges whistleblower retaliation regarding agriculture sales.

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