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[LONDON] Citigroup is set to make a round of redundancies within its markets and securities business in the Europe, Middle East and Africa region, according to an internal memo sent to staff on Monday and seen by IFR.
The memo didn't specify how many staff would be affected by the move, but one source at the US bank said the number of people affected would not be much higher than 20 - the threshold that requires companies to start a consultation under UK law.
According to the memo, which was sent by EMEA markets head Leo Arduini, the proposed redundancies were being made in response to "challenging" business conditions. The memo said the consultation process had already started.
"Continuing to evolve the markets and securities services businesses remains a strategic priority and as such they must continue to improve efficiency and competitiveness so that we may deliver the highest level of service to our clients," Mr Arduini wrote in the memo.
"In order to achieve this, we must further reduce our cost base. Unfortunately, this includes considering a new proposal to further reduce headcount," he continued. "We will engage in a collective consultation process relating to the extent and timing of these new proposed reductions."
The memo was sent to all markets and securities staff in the US bank's London office.