Citigroup Expected to Announce Layoffs and Management Changes
NEW YORK, Nov 20 (Reuters) – Citigroup (C.N) employees are bracing for big news on Monday, with expectations for layoffs and senior management changes as part of the bank’s largest reorganization in decades, according to five sources with knowledge of the matter.
It’s anticipated that the job cuts could impact thousands of staff, with preparations for Monday’s announcements already being communicated verbally in meetings, according to one source close to the situation who was not authorized to speak publicly. Additionally, executives are expected to send out emails announcing senior management changes. Those affected may potentially be able to apply for other roles within the company.
Last month, Citi announced plans to reduce its management layers from 13 to eight, marking its largest overhaul in decades. The bank revealed that 15% of functional roles within the top two layers of leadership have been eliminated, along with the removal of 60 committees as part of its third-quarter earnings presentation.
In particular, support staff in compliance and risk management, as well as technology staff working on overlapping functions, are at risk of facing layoffs, as previously reported by Reuters in September.
Citigroup declined to comment on the upcoming changes.
The potential move underscores the ongoing changes within the banking industry as firms seek to adapt to evolving market conditions and streamline operations.
Reporting by Saeed Azhar, Isla Binnie and Tatiana Bautzer in New York; Additional reporting by Svea Herbst-Bayliss and Echo Wang; Editing by Lananh Nguyen and Lisa Shumaker