Citi has told its UK-based employees that some of them may face redundancy as the bank proceeds with its plan to streamline its banking structure, a memo seen by Reuters on Friday revealed. The bank, which employs about 16,000 people in the UK, said it was entering the second phase of its reorganisation and that it would consult with employees and their representatives on the changes.
The memo, sent by UK Citi Country Officer James Bardrick, said that the reviews may lead to a reduction or alteration of roles in some parts of the business. The bank did not specify how many jobs would be affected in the UK. The move comes after Citi’s CEO Jane Fraser announced earlier this month that the bank would eliminate a layer of management and cut jobs across its five divisions.
The memo acknowledged the uncertainty and difficulty that many employees were facing and said that the bank was committed to following all legal and regulatory requirements and supporting its colleagues through the changes. The bank said it would be conferring with the London Consultation Forum (LCF) over the coming weeks. Under local rules, organisations must consult with employees when there could be more than 20 redundancies.