Citigroup has flagged approximately 20 positions within its UK investment bank as potentially at risk, as the Wall Street institution persists in reducing its workforce as part of its ongoing restructuring efforts.
In March, Citigroup notified employees about its intention to eliminate positions within its UK investment bank, which notably includes three managing directors and four directors, as per individuals acquainted with the situation. Three additional managing directors will also be impacted within its capital markets functions.
Citigroup has engaged in several consultation processes with its UK staff, encompassing job cuts tied to both the ongoing reorganisation outlined by CEO Jane Fraser in September and the evolving market conditions in investment banking.
According to Financial News, in October, Citigroup initiated a consultation process for approximately 250 roles in the UK as part of the initial phase of potential cuts under the strategic overhaul. This was followed by another round in late November, although the specific number of positions under review was not disclosed.
In September, roughly 35 positions were eliminated from its UK-based investment banking team, primarily due to performance-related factors. Citigroup’s ongoing reorganisation, known internally as Project Bora Bora, is slated for completion by the end of the first quarter.
This initiative aims to streamline Citigroup’s expansive global operations into five core units, streamline management structures, and enhance profitability. This overhaul is anticipated to entail significant job reductions, with approximately 20,000 positions expected to be phased out over the next two years.
However, the bank has also been actively recruiting for key positions. Most notably, Vis Raghavan, who previously served as JPMorgan’s global head of investment banking, was recently appointed as Citigroup’s head of banking.
This role had remained vacant since the reorganisation was announced in September. Raghavan will oversee Citigroup’s commercial, corporate, and investment banking divisions, areas that analysts have identified as needing revitalisation.
