Citigroup (NYSE:C) is exploring reducing 51 workers throughout its wealth enterprise in London, in response to a media report dated Thursday, affecting some 10% of the 485-person unit.
Most of the roles being affected are from the assistant vp to director degree, Bloomberg reported, citing a memo.
The transfer is separate from Citigroup (C) CEO Jane Fraser’s wider overhaul of the megabank that is anticipated to see 5,000 job cuts earlier than the top of Q1. In September, Reuters reported that Citigroup had alerted U.Ok. employees of potential redundancies because the financial institution superior into the second section of its plans to reorganizes its banking construction.
The memo additionally confirmed that the job cuts would come with 21 roles within the firm’s personal financial institution division, the article mentioned.