Citigroup is a global financial services company headquartered in New York City, United States. It is one of the largest banks in the world, with over 200 million customer accounts in more than 100 countries. Citigroup offers a wide range of financial products and services, including personal banking, commercial banking, investment banking, and wealth management.
The bank, which employs roughly 16,000 people in the UK, announced that phase two of its ambitions to streamline its banking structure had begun and that it would set up a consultation process so that staff members could share their opinions.
However, the bank has warned its UK staff of the likelihood of redundancies as it pushes ahead with a sweeping reorganization. The bank did not say how many jobs would be affected, but it is estimated that hundreds of roles could be cut.
The cuts are part of a wider restructuring at Citigroup, which is aimed at streamlining its operations and reducing costs. The bank has already announced plans to cut 16,000 jobs globally.
The cuts in the UK are likely to affect a range of roles, including front office, middle office, and back office functions. The bank is expected to focus on cutting jobs in areas where it has duplication of roles or where it can automate tasks.
It is unclear which divisions of the bank’s UK business will face layoffs.
When there potentially be more than 20 redundancies, organizations are required by local regulations to discuss with the workforce.
The changes are a blow to the UK banking industry, which is already dealing with a variety of difficulties like Brexit and growing living expenses. The UK economy as a whole is expected to suffer as a result of the measures.
Staff members and unions have reacted angrily and impatiently to the news of the reduction. The union for banking employees, Unite, has charged Citigroup with prioritizing profits over people. The union has also requested that the bank rethink its plans to eliminate employees.
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