Citigroup Layoffs: Over 300 senior manager roles cut in latest rejig

Citigroup Layoffs 2023: As part of Chief Executive Officer Jane Fraser’s efforts to restructure Citigroup, the company is eliminating more than 300 senior manager roles. As per Bloomberg, the Wall Street giant started announcing job cuts, which affect staffers two levels below Fraser’s executive management team, on Monday

Citigroup Job Cuts

This move effectively means that 10% of Citi's senior managers will lose their jobs. Citigroup in a Statement mentioned that the company has informed the employees of the next layer of changes across many of their businesses and functions as they continue to align Citi’s organizational structure with their new, simplified operating model.

Also Read: PhysicsWallah may lay off up to 120 employees

The statement also read that the restructuring may involve certain difficult decisions. “As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients”, Citigroup said in a statement.

Citigroup Layoffs - Restructuring Efforts

Fraser is aiming to eliminate layers of management and get rid of co-head structures to speed up decision making across the bank. The restructuring efforts will see workforce reduction across the globe over the next year.

“Building a winning bank requires a great deal of commitment, hard work and resilience from each of us,” Fraser said in a memo to staff. “I’m fully aware we’re asking a lot of our people.”

This restructuring is set to be New York-based Citigroup’s biggest in two decades. It includes abandoning the firm’s two core operating units and instead focusing on five key businesses: trading, banking, services, wealth management and US consumer offerings.