'Roles will be eliminated' | Citigroup announces layoffs and job moves in huge restructure

The investment bank Citigroup has announced its biggest reorganization in decades which will include a series of layoffs and job moves.

As per Reuters, managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off, according to a global memo to staff, seen by Reuters.

"Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo. "This next layer of change is scheduled to be announced in November."

Employees whose jobs are eliminated may be eligible to apply for other positions, and the company will offer severance pay and notice periods where eligible, according to the message. The contents of the memo have not previously been reported.