Citigroup chairman Charles Prince has confirmed that the banking giant’s 1,000-strong legal function will be affected by the group’s radical restructuring, which looks set to see 26,000 employees laid off or relocated across the company as a whole.
Prince announced today (11 April) that general counsel positions in Europe, Africa and the Middle East would be merged where there was convergence. Just over 40% of the 17,000 jobs cuts will be in the US, while 9,500 employees will be moved away from major financial centres to less costly regional outposts.
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