Following major staffing cuts in a number of regions, the UK looks to be the next target for the newly restructured Citigroup led by chief executive Jane Fraser.

According to a memo seen by Reuters, hundreds of jobs could be impacted by a sweeping reorganisation of Citi’s UK operations. The bank currently hires around 16,000 staff in the country.

The memo said that Citi is moving into phase two of its plans to rationalise its banking structure, with the bank setting up a consultation process – required by UK law when organisations plan to make more than 20 redundancies – where employees can give feedback on an individual basis. Citi said it would confer with the London Consultation Forum (LCF) as part of the collective consultation process.

James Bardrick, UK Citi country officer, told staff: "We anticipate that the reviews may lead to a reduction in roles in some parts of the business, and changes to some other roles. In some cases, colleagues may be placed at risk of redundancy.”

He added: "Change isn’t easy, and we recognise the uncertainty that many of our colleagues are experiencing. We are moving at pace to provide clarity while following our processes and allowing for needed input from team leaders."

It is currently unclear how many jobs would be eliminated, nor which areas of the bank’s UK operations will be targeted, with a spokesperson telling Reuters that “we’re committed to following all legal and regulatory requirements and, importantly, supporting our colleagues through these changes."

Earlier this month, Fraser oversaw what she described as the biggest overhaul at the bank in almost two decades as the bank looks to streamline its operations. This included stripping out a layer of top management, taking more control of key businesses and cutting regional roles outside of the US. The bank had already signalled plans to exit 13 markets worldwide and list its Mexican consumer unit Banamex.

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