HomeMarket NewsCitigroup said to warn U.K. staff of hundreds of potential layoffs

Citigroup said to warn U.K. staff of hundreds of potential layoffs

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Writedowns Cost Citigroup $2.5 Billion Loss In 2nd Quarter

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Citigroup (NYSE:C) has reportedly informed its U.K. employees about potential job cuts as it moves forward with the second phase of its banking structure reorganization plan, according to a memo cited by Reuters.

As part of the reorganization, Citigroup plans to involve its staff in a consultation process where they can provide feedback.

The specific areas within Citigroup’s U.K. business, which employs approximately 16,000 people, that will be affected by these potential layoffs are currently unknown. According to local regulations, organizations are required to consult with employees when there could be more than 20 redundancies.

This announcement follows Citigroup CEO Jane Fraser’s recent statement that the company would streamline its corporate structure by eliminating a layer of management and reducing its workforce. The restructuring will involve all five of Citigroup’s businesses reporting directly to Fraser.

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