Jane Fraser’s Citigroup overhaul hits London with 250 roles up for review
Citigroup is putting 250 jobs in the UK under review as boss Jane Fraser kicks off her plans to overhaul the US investment banking giant.
According to a memo seen by Morning Wire, around 250 roles will be reviewed, including jobs which are the layer down from the executive management team.
“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,” the memo said.
All organisational changes are expected to be completed by the first quarter of 2024.
A Citi spokesperson 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.”
The news was first reported by Financial News.
The review forms part of Fraser’s plan to overhaul the business and boost the bank’s share price, which lags some of its peers.
Last month she announced a layer of leadership would be removed, giving her more direct control over the business. The plans mark the most significant restructuring at the bank since the financial crisis.
Speaking to investors, Fraser, who took over as chief executive in March 2021, said she had taken “hard, consequential, tough decisions.”
“It’s going to make some of our people very uncomfortable. I am absolutely fine with that … It is absolutely the right thing to do for our shareholders,” she said.
Citi is planning to update investors on estimated savings from the reorganisation in the fourth quarter.