Citigroup staff expects reshuffle, layoffs
The offices of Citibank, Bank of America, and HSBC are pictured in the Canary Wharf financial district of east London on June 26, 2016. PHOTO: AFP
Citigroup employees expect announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganisation, according to four people familiar with the situation.
Employees are awaiting more details about the scale of layoffs at the bank, which employs 240,000 people worldwide. Citigroup declined to comment. The Financial Times reported the news earlier.
Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. In the two top layers of leadership, Citi reduced 15% of functional roles and eliminated 60 committees, it said in its third quarter earnings presentation.
Read: Citigroup starts layoff talks after management overhaul
The third-largest US lender will also eliminate co-heads of divisions and regional roles, cut 50% of internal financial management reporting and centralise decision making, it said in October.
Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.
Published in The Express Tribune, November 19th, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.