Citibank is making a swathe of in-house lawyers redundant in what insiders have called a "ruthless" cull, RollOnFriday understands.
Citibank employs over 30 solicitors at its Canary Wharf tower as well as ranks of paralegal underlings. But RollOnFriday understands that the bank is undertaking a redundancy consultation in which even "villa-owning" senior lawyers are up for the chop. In December the bank announced it was cutting 2,000 jobs as part of a business restructuring.
Inside sources report that the "ruthless" US head office has demanded the legal cuts. Compounding staff misery, the bank's London HR has apparently sent all senior solicitors reminders to update their "next possible assignment" in the internal systems. Unfortunately, it means that several are debating whether to enter "trying to find another job". Although surely none will type in, as one source claims, "private escort to pay for upkeep of villa".
In a further indignity, management has apparently announced the launch of a newsletter which it has said will be "celebrating our colleagues' achievements". The first newsletter, say disgruntled staff, "will presumably be celebrating a colleague finding another job".
Citi's spokesman refused to confirm how many legal staff were in the consultation, or how many lawyers Citi employed, or whether the earth is round or if his job involved simply saying "no comment" to everything.
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Citibank employs over 30 solicitors at its Canary Wharf tower as well as ranks of paralegal underlings. But RollOnFriday understands that the bank is undertaking a redundancy consultation in which even "villa-owning" senior lawyers are up for the chop. In December the bank announced it was cutting 2,000 jobs as part of a business restructuring.
Inside sources report that the "ruthless" US head office has demanded the legal cuts. Compounding staff misery, the bank's London HR has apparently sent all senior solicitors reminders to update their "next possible assignment" in the internal systems. Unfortunately, it means that several are debating whether to enter "trying to find another job". Although surely none will type in, as one source claims, "private escort to pay for upkeep of villa".
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Citi lawyers yesterday |
In a further indignity, management has apparently announced the launch of a newsletter which it has said will be "celebrating our colleagues' achievements". The first newsletter, say disgruntled staff, "will presumably be celebrating a colleague finding another job".
Citi's spokesman refused to confirm how many legal staff were in the consultation, or how many lawyers Citi employed, or whether the earth is round or if his job involved simply saying "no comment" to everything.
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