Citing sources, Reuters reported that Citigroup will announce on the 20thretrenchmentThe reshuffle of thousands of people and top management will be part of the biggest shakeup in decades.
According to sources, thousands of employees are expected to be affected by this wave of layoffs in the city and officials will also announce the reshuffle in the top management through 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.