Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14706,"post_author":"21","post_date":"2023-12-20 03:01:25","post_date_gmt":"2023-12-19 16:01:25","post_content":"\n The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14706,"post_author":"21","post_date":"2023-12-20 03:01:25","post_date_gmt":"2023-12-19 16:01:25","post_content":"\n The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14706,"post_author":"21","post_date":"2023-12-20 03:01:25","post_date_gmt":"2023-12-19 16:01:25","post_content":"\n The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14706,"post_author":"21","post_date":"2023-12-20 03:01:25","post_date_gmt":"2023-12-19 16:01:25","post_content":"\n The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
For Tesco, selling its banking arm represents a strategic realignment of resources towards its retail operations. While Barclays takes over Tesco's banking functions, the supermarket giant will retain control of other key services such as insurance, ATMs, travel money, and gift cards. The decision aligns with Tesco's focus on enhancing its retail offerings and streamlining its business model.<\/p>\n\n\n\n See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14706,"post_author":"21","post_date":"2023-12-20 03:01:25","post_date_gmt":"2023-12-19 16:01:25","post_content":"\n The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\n DSS regulations come when the UK is ramping up cryptocurrency regulations. Regulators believe with the laws, the UK will become a hub of crypto innovation by increasing market transparency and investor protection.<\/p>\n\n\n\n The country passed the Financial Services and Markets Act 2023 earlier this year. The Act recognizes crypto as a regulated financial asset. DSS comes as a by-product of the Act.<\/p>\n\n\n\n More recently, the UK said<\/a> it will embark on a phased introduction of crypto regulations in 2024. Some of the targeted assets are fiat-backed stablecoins, algorithmic stablecoins, crypto trading, and lending services. The country also clarified the nascent sectors of non-fungible tokens (NFTs), Decentralised Finance (DeFi), and security tokens. <\/p>\n","post_title":"UK Introduces The Digital Securities Sandbox In Crypto Hub Status Hunt","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"uk-introduces-the-digital-securities-sandbox-in-crypto-hub-status-hunt","to_ping":"","pinged":"","post_modified":"2023-12-20 03:01:31","post_modified_gmt":"2023-12-19 16:01:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14706","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":13596,"post_author":"18","post_date":"2023-09-28 22:55:44","post_date_gmt":"2023-09-28 12:55:44","post_content":"\n In a recent internal office memo obtained by Reuters, Citigroup (Citi) has issued a stark warning to its UK-based employees about potential job cuts. This move comes as the banking giant embarks on a significant reorganization that could affect hundreds of jobs within the country. With around 16,000 employees in the UK, Citi is entering phase two of its plans to streamline its banking structure, triggering a consultation process that allows employees to provide feedback. However, the repercussions could involve role reductions and even redundancies.<\/p>\n\n\n\n Citigroup's UK Country Officer, James Bardrick, acknowledged the uncertain times ahead for employees, stating that change is difficult, and the Bank recognizes the uncertainty that many of its colleagues are experiencing. The bank has pledged to adhere to all legal and regulatory requirements while supporting its workforce through these changes.<\/p>\n\n\n\n The specific number of job cuts remains undisclosed, leaving employees anxious about the future. This uncertainty is part of a broader restructuring effort initiated by Citi's CEO, Jane Fraser, who recently announced plans to eliminate a layer of management and reduce staff. The overhaul includes shifting to a structure where five divisions report directly to the CEO and eliminating regional roles outside North America.<\/p>\n\n\n\n Under UK regulations, organizations must engage in consultations with employees when more than 20 redundancies are anticipated. Citi has committed to consulting with the London Consultation Forum (LCF) in the coming weeks, involving Belfast-based workers in the process. The bank will also offer individual consultations to employees at risk of redundancy, ensuring that the necessary steps are taken in compliance with local laws.<\/p>\n\n\n\n Kristine Braden, CEO of Citibank Europe, will be departing the company after 25 years as part of this organizational change. This move reflects the significant nature of the restructuring, which Citigroup has described as its most extensive reorganization in nearly two decades.<\/p>\n\n\n\n Transnational Impact<\/strong><\/p>\n\n\n\n While the immediate focus is on the UK, recent reports indicate that discussions about potential layoffs have begun in the United States as well. Areas such as compliance, risk management, and overlapping technology functions are reportedly being targeted for staff reductions. These measures reflect Citi's determination to exert more direct control over its units, aiming to enhance profitability and increase its share price.<\/p>\n\n\n\n In the face of sweeping changes at Citigroup, the restructuring, characterized as the most extensive in nearly two decades, is part of Citi's global efforts to streamline its operations and bolster its financial performance. As the situation unfolds, employees, stakeholders, and industry observers will be closely monitoring developments and outcomes.<\/p>\n","post_title":"Citi's UK Workforce On Edge As Job Cuts Loom Large In Sweeping Restructuring","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"citis-uk-workforce-on-edge-as-job-cuts-loom-large-in-sweeping-restructuring","to_ping":"","pinged":"","post_modified":"2023-09-28 22:57:09","post_modified_gmt":"2023-09-28 12:57:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=13596","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to a report by Reuters<\/em>, Barclays' acquisition of Tesco's<\/a> banking operations encompasses credit cards, loans, and savings, adding substantial unsecured loans and deposits to its portfolio. The move comes amidst investor unease about Barclays' stock performance relative to its competitors. With this acquisition, Barclays aims to leverage Tesco's established banking infrastructure to enhance its distribution channels.<\/p>\n\n\n\n For Tesco, selling its banking arm represents a strategic realignment of resources towards its retail operations. While Barclays takes over Tesco's banking functions, the supermarket giant will retain control of other key services such as insurance, ATMs, travel money, and gift cards. The decision aligns with Tesco's focus on enhancing its retail offerings and streamlining its business model.<\/p>\n\n\n\n See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14706,"post_author":"21","post_date":"2023-12-20 03:01:25","post_date_gmt":"2023-12-19 16:01:25","post_content":"\n The UK published<\/a> new regulations on Monday enabling the country\u2019s financial regulators to test digital products and solutions. An explanatory memo<\/a> of the new law reads in part: \u201cThe DSS will allow firms and the regulators to test the use of new technology across our financial markets.\u201d<\/em><\/p>\n\n\n\n The Digital Securities Sandbox (DSS) rules will let the financial watchdogs test digital solutions such as tokenized securities and distributed ledger technology (DLT) under regulatory supervision. Businesses can also test the DLT for purposes of digitizing or tokenizing their traditional assets. <\/p>\n\n\n\n The move by the UK comes when the tokenization<\/a> of traditional assets such as real estate is gaining momentum. Consequently, regulators have been figuring out how to regulate the sector, without crippling innovation. <\/p>\n\n\n\n Under the DSS rules, participating companies will be subject to modified rules if it is believed that the current provisions act as impediments. Regulators will also make rule changes to align the laws with the developing technologies.<\/p>\n\n\n\n The Bank of England and the Financial Conduct Authority (FCA) will be the custodians of DSS rules. The regulations take effect on January 8.<\/p>\n\n\n\n See Related:<\/em><\/strong> UK Government Adopts Stablecoins As Legal Tender<\/a><\/p>\n\n\n\nConsultations<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Barclays Expands Banking Operations<\/h2>\n\n\n\n
\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Barclays Expands Banking Operations<\/h2>\n\n\n\n
\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Barclays Expands Banking Operations<\/h2>\n\n\n\n
\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n
A Raft of Regulatory Moves in the Digital Asset Sector<\/h2>\n\n\n\n
Uncertainty Looming Large<\/h2>\n\n\n\n
Consultations<\/h2>\n\n\n\n
Barclays Expands Banking Operations<\/h2>\n\n\n\n
\n
Tokenization Of Traditional Assets<\/h2>\n\n\n\n