US banking giant Citi is reviewing approximately 250 jobs in its London offices as part of a major restructuring.
The firm is to cut positions that no longer align with its evolving strategy.
Some roles may remain, others will change, and the bank will also create new jobs.
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Citi warned employees in a memo “some colleagues may be leaving the firm.”
The review process marks one of the biggest reorganizations for Citi in decades.
UK CEO James Bardrick said: “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.
“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.”
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No decisions have been made
Citi stressed it had not reached any final decisions regarding the job cuts.
The bank will consult staff under review before taking such measures.
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.”
