LONDON (Reuters) – Citigroup has warned its British employees of the likelihood of layoffs as the bank embarks on a major reorganization, according to a memo seen by Reuters on Friday.
The US bank did not tell employees based in Britain and Northern Ireland how many jobs would be cut, or which sectors of its business would be affected.
The bank, which employs around 16,000 people in the United Kingdom, said it was beginning the second phase of its project to rationalize its banking structure. In this context, it intends to set up a consultation process allowing employees to provide their comments.
“As we take the necessary steps to align our organizational model with our strategy, we are committed to complying with all legal and regulatory requirements and, importantly, supporting our colleagues in these changes,” said a spokesperson for Citi in a statement sent to Reuters.
The group shakeup involves the five divisions that report directly to the CEO and the elimination of regional roles outside of North America.
(Report by Anousha Sakoui; French version by Gaëlle Sheehan)
©2023 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.