After Citigroup announced its plans to restructure and relocate teams of staff across the globe, the first whisperings are that 30 in-house lawyers will be made redundant.
An insider at the London office revealed how the bank made its move soon after it launched its internal review of staff on 12 April.
On 16 April The Lawyer reported on the launch of Citigroup’s internal review of the legal team.
While the media speculated about which departments and offices would be the first to suffer, lawyers received an email explaining the group’s strategy and its desire to relocate a number of staff to various other jurisdictions.
A Citigroup official insists that a variety of options are being considered and nothing has yet been set in stone.
While employees are left wondering whether they will have jobs in weeks to come, the bank continues with its internal review, giving no indication of an end date. Get the latest news and an irreverent commentary delivered to your desktop every day by subscribing to Lawyer News Daily.
Register at: www.thelawyer.com/register