Highlights

  • Mangers from markets, risk and investment banking laid off
  • Some managing position will cease to exist from February 1

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Out of the 20,000 jobs that would be cut in the next two years, 5,000 would be fired from the current reorganisation, 5,000 from selling businesses, and the other 10,000 employees would be laid off from  support functions like technology and operations

Citigroup Layoffs: After announcing 20,000 job cuts last week, Citigroup eliminates more leadership roles

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

Citigroup overhaul

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.


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