Citigroup employees are bracing themselves for management changes and layoffs as the bank enters the next phase of its extensive reorganization. According to four individuals familiar with the matter, announcements regarding these changes are expected to be made on Monday. The employees are eagerly awaiting more information on the scale of the layoffs, as Citigroup currently employs 240,000 people worldwide. However, the bank declined to comment on the matter. The Financial Times had previously reported this news.
In October, Citigroup had revealed plans to streamline its management layers from 13 to eight, marking its largest overhaul in decades. As part of this restructuring, the bank eliminated 15% of functional roles within the top two layers of leadership and dissolved 60 committees, as stated in its third quarter earnings presentation. Additionally, the bank disclosed intentions to eliminate co-heads of divisions and regional roles, reduce internal financial management reporting by 50%, and centralize decision-making.
Back in September, Reuters had reported that support staff in compliance and risk management, as well as technology staff working on overlapping functions, were at risk of being laid off.
The reported changes come as Citigroup aims to enhance its operational efficiency and adapt to the evolving needs of the banking industry. However, the specifics of the management changes and layoffs are yet to be disclosed. Citigroup’s employees will have to wait for Monday’s announcements to gain a clearer understanding of the impact these changes will have on their roles and the overall organization.
The reporting team for this news article includes Saeed Azhar, Svea Herbst-Bayliss, and Tatiana Bautzer in New York, with additional contributions from Lananh Nguyen, Echo Wang, and Isla Binnie. The article was edited by Lananh Nguyen and Chizu Nomiyama.
