Updated March 26th, 2024 at 14:19 IST

Citigroup nears completion of restructuring, lay offs continue

Citigroup has reduced its workforce by 5,000 employees since September.

Reported by: Business Desk
Citigroup | Image:Citigroup
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Citigroup lay offs: Citigroup is nearing the final stages of a comprehensive overhaul aimed at simplifying its structure and enhancing performance, the bank announced. This comes after the institution reduced its workforce by 5,000 employees since September.

CEO Jane Fraser informed employees in a memo, seen by Reuters, that the largest round of staffing adjustments, including reassignments and departures, would be communicated from Monday to Thursday.

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Fraser acknowledged the challenges faced during these changes, stating, "These past months have not been easy. The changes we've made are the biggest that most of us have experienced at Citi, putting us on the front foot and improving our competitiveness."

Citigroup, however, declined to provide further comments beyond an earlier statement released on Monday.

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The restructuring, unveiled in September, streamlined management layers from 13 to eight. This latest reshuffle marks the finalisation of Citi's new structure and is part of a broader initiative to reduce its global workforce of 239,000 by 20,000 over the next two years.

In January, as the company reported its fourth-quarter results, Fraser revealed the elimination of 1,500 managerial roles, accounting for 13 per cent of its worldwide leaders. She estimated that these changes would generate annual savings of approximately $1 billion.

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(with Reuters inputs)

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Published March 26th, 2024 at 13:56 IST