Proactive Investors - Citigroup Inc (NYSE:C) is poised to announce job cuts in November as part of the investment bank’s largest reorganisation in several decades, according to reports.
In a memo seen by Reuters, the bank’s chief human resources officer Sara Wechter wrote that “the next layer of change” would take place in November.
“Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated,” she said.
Another memo laid out plans for jobs to be cut in London meanwhile, with some 250 roles in the UK capital having been put under review.
Chief executive Jane Fraser had announced last month that a reorganisation would be taking place, citing the need for “bold decisions” after a tough year of trading so far.
Citi’s net income fell 36% to US$2.92 billion in the second quarter, with share price falls also seeing it lag behind peers this year.
Previous reports suggest that the cuts will spare those from profit-making areas of the business, instead focussing on overlapping teams.