Citigroup slashes senior UK banking roles
LONDON, UNITED KINGDOM — In a move to streamline operations, Citigroup is cutting approximately 20 senior investment banking positions in the United Kingdom as part of its sweeping “Project Bora Bora” restructuring initiative.
The global financial giant has identified three managing directors and four directors at risk of layoffs within its capital markets division.
CEO Jane Fraser first outlined the overhaul in September based on a slideshow tied to Citigroup’s 2023 Q4 earnings. The overhaul could eliminate around 20,000 roles over two years.
According to a Financial News report, the UK workforce was notified in March about the intended reductions following an October announcement that 250 roles were under review.
Despite the cuts, Citigroup aims to strengthen its banking leadership by recruiting Vis Raghavan from JPMorgan as head of banking. Raghavan will spearhead efforts to revitalize the commercial, corporate, and investment banking arms.
Meanwhile, in 2012, Citigroup announced plans to cut 11,000 jobs, many in IT, as part of a restructuring effort. Part of this plan involved “increasing standardization and the use of automated processes” as well as moving certain job functions to “lower-cost locations,” which typically refers to offshore outsourcing.
In 2016, major Indian IT outsourcing firms like TCS, Infosys, and Wipro competed for a $2.5 billion outsourcing deal from Citigroup. This deal had previously been awarded to TCS in 2008 for a 10-year period.
In 2021, Citigroup partnered with Sun Life Investment Management to provide the first middle office outsourcing solution in the Philippines.
