Citigroup has warned its employees in Britain of possible layoffs as the bank continues a wide-ranging reorganization, according to a memo seen by Reuters, a move that could affect hundreds of jobs in the country.

The bank, which has around 16,000 employees in the UK, said it was entering the second phase of its plan to rationalize its banking structure and, as part of that, would launch a consultation process so employees could provide their input and opinions.

“We anticipate that the review may result in reduced functions in some parts of the business and changes in others. In some cases, some colleagues may be at risk of being fired,” James Bardrick, Citi UK Country Officer, told employees in a memo seen by Reuters.

Citi did not specify the extent of the possible cuts

The bank did not tell employees based in Great Britain and Northern Ireland how many jobs would be cut.

“As we take the next steps necessary to align our organizational model with our strategy, we are committed to complying with all legal and regulatory requirements and, most importantly, supporting our colleagues during this change,” a Citi spokesperson said in a statement. statement sent to Reuters.

Bankers had been bracing for the changes after CEO Jane Fraser said earlier this month that Citigroup, the third-largest bank in the US, would eliminate a layer of management and reduce jobs.

The shakeup impacts its five divisions, which report directly to the CEO, and the elimination of regional positions outside North America.

Read: Citigroup announces radical changes to simplify its banking operations

“Change is not easy, and we recognize the uncertainty many of our colleagues are experiencing. “We moved quickly to provide clarity while following our processes and allowing for necessary input from team leaders,” added Bardrick.

There is no certainty about which parts of Citi will be affected by the cuts

It is not known which areas of the bank’s UK operations will be hit by layoffs.

Based on local regulations, organizations must consult with employees if more than 20 layoffs are likely to occur.

Citigroup announced that in the coming weeks it will meet with the London Consultation Forum (LCF) within the framework of a collective consultation process. It will also give Belfast workers the opportunity to elect representatives as part of the consultation process.

The bank said it would consult individually with employees at risk of being fired.

Fraser described the changes as Citi’s biggest reorganization in nearly two decades, in a bid to gain more direct control over its units and boost profits and share prices.

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In recent days, Citi in the United States began talks with its employees regarding possible layoffs, including support staff in compliance and risk management, according to Reuters.

Technology staff working in overlapping roles are also at risk of being laid off, Reuters reported.

Kristine Braden, CEO of Citibank Europe, is leaving the company after 25 years as part of organizational changes, according to an internal memo seen by Reuters.

With information from Reuters

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