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Citigroup Employees Expect Management Reshuffle, Layoffs on Monday

November 18, 2023, 02.18 PM | Source: Reuters

ILUSTRASI. FILE PHOTO: A woman uses an ATM inside a Citi bank branch in New York August 12, 2009. REUTERS/Lucas Jackson (UNITED STATES BUSINESS)/File Photo

FINANCIAL SERVICES - NEW YORK, Citigroup C.N employees expect announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganization, 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.

The third-largest U.S. lender will also eliminate co-heads of divisions and regional roles, cut 50% of internal financial management reporting, and centralize 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.