After announcing a massive job cut that would affect 20,000 employees, Citigroup has let go of managers in markets, risk and investment banking. As per Reuters, CEO Jane Fraser in a conference call on Thursday with managing directors informed those who will be let go while discussing the bank's sweeping overhaul.
Meanwhile, some managers were told their positions would no longer exist as of Feb. 1
Last week, the bank said it would cut 20,000 jobs over the next two years. This after the fourth quarter of the bank saw $1.8 billion loss. As per Reuters, investors and workers are closely watching the timing and details around the organizational changes.
Also Read: Citigroup Layoffs: Over 300 senior manager roles cut in latest rejig
During the call, Fraser mentioned that 5,000 people would be let go in the current reorganisation and another 5,000 employees will be fired from selling businesses. 10,000 more employees would be laid off from support functions like technology and operations.
The planned cut of about 8% by Citigroup is the one of the biggest layoffs announced in recent years in Wall street. Citigroup's CEO Jane Fraser is working towards streamlining the bank and boost its returns and share prices.