Citigroup Announces Job Cuts Of Over 300 Senior Manager Roles
On Monday (20 Nov), Citigroup announced that they will be cutting over 300 senior manager roles as part of restructuring efforts.
The company will reportedly continue to lay off employees, with the move possibly affecting thousands.
As of yet, it is uncertain if the restructuring would affect those working for Citibank in Singapore.
Citigroup cuts over 300 senior manager roles
According to Reuters, Citigroup Chief Executive Officer (CEO) Jane Fraser and her executive management team revealed a series of changes on 20 Nov.
This includes the cutting of over 300 senior manager roles, Bloomberg reports.
Members of the team sent subordinates emails detailing the changes, one source said while speaking to Reuters.
Another source shared that Citigroup’s leaders hosted conference calls to discuss the moves.
“The actions we’re taking to reorganise the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy,” said Fraser in a statement.
Layoffs may affect thousands of workers
Fraser also informed employees via a memo that they will receive final announcements related to the overhaul in early 2024.
A source familiar with the matter added that some of the affected employees might have the option of applying for other roles at the bank.
Regardless, the full restructuring could result in thousands of layoffs, said another source.
Members of the executive management team explained the new structure in each division through calls with their teams, sharing which people might be in new roles.
Effect on Singapore employees uncertain
The layoffs will include the reduction of management layers from 13 to eight, constituting its biggest overhaul in decades.
Within its top two leadership layers, Citigroup cut 15% of functional roles and 60 committees.
Back in September, Reuters reported that support staff in compliance and risk management and tech staff on overlapping functions were at risk of losing their jobs.
For now, it’s unclear if the reorganisation efforts will affect employees in Singapore. MS News has reached out to Citibank for more information on the matter.
Have news you must share? Get in touch with us via email at email@example.com.
Featured image adapted from Ledger Insights.
Drop us your email so you won't miss the latest news.