Sunday, December 3, 2023
HomeUKCiti warns of UK job cuts as hundreds of jobs could be...

Citi warns of UK job cuts as hundreds of jobs could be affected

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada, October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo Acquire license rights

LONDON, Sept 22 (Reuters) – Citigroup (CN) has warned UK-based employees about the likelihood of layoffs as the lender presses ahead with a sweeping reorganization, according to a memo seen by Reuters on Friday, a move that could affect hundreds of jobs at the country.

The bank, which has around 16,000 employees in the UK, said it was moving into phase two of its plans to rationalize its banking structure and, as part of this, would establish a consultation process through which employees could give Your opinion.

“We anticipate that the reviews may lead to a reduction of roles in some parts of the business and changes in some other roles. In some cases, colleagues may be at risk of being made redundant,” said James Bardrick, Citi’s UK country director. United. employees in the memo seen by Reuters.

The bank did not tell employees based in Britain and Northern Ireland how many jobs would be cut. “As we take the necessary next steps to align our organizational model with our strategy, we are committed to following all legal and regulatory requirements and, most importantly, supporting our colleagues through these changes,” said a Citi spokesperson in a statement to Reuters.

(This story has been corrected to fix the spelling of Bardrick in paragraphs 3 and 7)

Reporting by Anousha Sakoui; edited by Elisa Martinuzzi and Jan Harvey

Our standards: The Thomson Reuters Trust Principles.

Acquire license rightsopen a new tab

Source link

- Advertisment -