US banking giant Citi has told staff that it is reviewing around 250 jobs in London, with a plan to “eliminate” those that do not fit.
The company said that some of the jobs will be kept, others changed or new roles created, but it warned in an internal memo that “some colleagues may be leaving the firm”.
It is part of what is being billed as the biggest reorganisation for the banking giant in decades, and is one step along the route that will be taken in London.
“Approximately 250 roles in London are being reviewed as part of this next phase, which includes the roles within the layer down from our executive management team’s direct reports,” a note to staff from UK chief executive James Bardrick said.
“While all these roles are to be reviewed, in some instances roles will remain the same. In other instances, roles will change, or new roles will be created.
“Roles that do not fit our new structure will be eliminated. While colleagues can apply for other open roles within Citi, unfortunately, some colleagues may be leaving the firm.”
The company will be reviewing the roles, and said it would consult with staff if their jobs are being cut. No job cuts have been decided on yet.
In a statement, Citi said: “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 the same.”
