Bloomberg News, citing sources, reported that Citigroup began the announcement on the 20th Eastern TimeretrenchmentAccording to reports, it is currently known that more than 300 senior manager positions will be eliminated, and the downsizing action may continue until next year. It’s part of Chief Executive Jane Fraser’s efforts to shake up Citigroup.
Citigroup is announcing restructuring news, according to sources. The targets of the layoffs are senior managers two levels below Fan Jian’s executive management team. Around 10% of the workforce is retrenched at this stage.
Citi announced the organizational changes in a statement but did not specify the number of layoffs. Citigroup has previously said the workforce cuts could extend into next year. This is one of the strategies adopted by Fan Jian. She is working hard to reduce top management and abandon the “co-chief” structure in order to speed up the company’s decision making. , Citigroup did not disclose how many employees it would ultimately cut.
Reuters previously reported that Citigroup’s layoffs are expected to affect thousands of employees and that executives will announce the top management reshuffle via email. She also said supervisors had verbally told employees in meetings to be prepared for a personnel announcement. Some employees may be able to apply for transfer to other posts. The city declined to comment.
Citigroup announced last month that it planned to reduce the number of layers of management from 13 to eight, part of the company’s biggest overhaul in decades. Citigroup said in its last quarterly financial report that it had eliminated 15% of functional positions at the top two leadership levels and cut 60 committees.
Reuters revealed in September that support staff in Citi’s legal compliance and risk management departments, as well as technical staff with overlapping positions, may also be included in the layoffs.
Layoffs in the United States