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Updated March 27th, 2024 at 14:21 IST

Citigroup cuts equities research staff in Asia-Pacific

The decision comes as the final phase of Citigroup's extensive restructuring effort, which was first announced last September.

Reported by: Business Desk
Citigroup
Citigroup | Image:Citigroup
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Citigroup job cuts: Citigroup Inc has reportedly laid off at least 10 employees from its equities research department in Asia Pacific this week, sources familiar with the matter revealed.

The decision comes as the final phase of Citigroup's extensive restructuring effort, which was first announced last September. The Wall Street bank informed affected staff earlier this week, according to two sources who spoke on condition of anonymity due to the sensitivity of the matter.

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While Citigroup declined to provide specific comments regarding the layoffs, the bank reiterated its commitment to the restructuring process outlined in a statement issued on Monday. The reorganisation, aimed at enhancing performance and efficiency, notably reduced management layers from 13 to 8.

The recent staff reductions in Asia Pacific are part of Citigroup's broader strategy to streamline operations and reduce its global workforce by 20,000 employees over the next two years. The precise number of job cuts across divisions in the Asia-Pacific region remains unclear.

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This is not the first instance of layoffs within Citigroup's equities research unit. In January, the bank reportedly cut 20 positions in the same department.

CEO Jane Fraser had previously announced plans to eliminate 1,500 managerial roles worldwide, amounting to 13 per cent of the bank's leadership positions, during the release of its fourth-quarter results in January. These measures are expected to result in approximately $1 billion in annual savings for Citigroup.

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(With Reuters inputs)
 

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Published March 27th, 2024 at 14:15 IST

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