In a memo on Friday, Citigroup has alerted its UK-based workforce to the imminent possibility of job cuts as the bank advances its extensive restructuring efforts. This move, which is part of the bank’s second phase of streamlining its banking operations, may potentially impact hundreds of positions within the country. Citigroup, which maintains a workforce of approximately 16,000 employees in the UK, has announced plans to initiate a consultation process allowing employees to provide their input as part of this restructuring initiative.
“We anticipate that the reviews may lead to a reduction in roles in some parts of the business, and changes to some other roles. In some cases, colleagues may be placed at risk of redundancy,” James Bardrick, the Citi Country Officer for the United Kingdom, conveyed to the employees.
However, the bank refrained from specifying the exact number of positions that would be affected by these changes. A spokesperson from Citi stated, “As we take the necessary next steps to align our organization model with our strategy, we’re committed to following all legal and regulatory requirements and, importantly, supporting our colleagues through these changes.”
In anticipation of a significant transformation, Citigroup employees have been preparing for change following an announcement by CEO Jane Fraser earlier this month. Citigroup, the third-largest U.S. bank, is set to streamline its operations by eliminating a layer of management and implementing workforce reductions. As part of this restructuring, the bank will reorganize its structure, with all five divisions reporting directly to the CEO, and will also reduce regional roles outside of North America.
Citigroup is embarking on a major restructuring effort, the largest in nearly 20 years, aimed at gaining greater control over its divisions to enhance profitability and share prices. Layoffs are anticipated in the UK, although specific areas affected remain undisclosed. The bank will engage in collective consultations with the London Consultation Forum (LCF), allowing workers in Belfast to elect representatives during the process. Individual consultations will also occur for employees facing redundancy.
In the United States, discussions have started regarding potential job cuts, with support staff in compliance and risk management, as well as technology employees in overlapping functions, being among the areas at risk. Additionally, Kristine Braden, CEO of Citibank Europe, is departing the company as part of this organizational shift.
(Source: Anousha Sakoui | Elisa Martinuzzi | Jan Harvey | Kirsten Donovan | Reuters)
