Citigroup managers are in the process of reviewing staff rosters ahead amid a restructuring that will be announced in November, according to a memo seen by Reuters.
Citigroup managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off during its biggest reorganization in decades, according to a global memo to staff on Wednesday seen by Reuters. "Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo.
Last month, Citi CEO Jane Fraser announced a sweeping reorganization to simplify the bank's structure after divesting from non-core markets and focusing on profitable areas. Fraser's memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. "We'll be saying goodbye to some very talented and hard-working colleagues," Fraser wrote at the time.
The bank is also beginning the consultations required in the UK after earlier warning employees about possible redundancies. "We are updating colleagues on our next steps to align our structure with our strategy, and consulting with the London Consultation Forum about roles currently under review, some of these roles may change, while others will remain largely the same," the bank said in a statement Wednesday.
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