Layoffs 2023: Citigroup outlines layoff process and reassignments in an overhaul effort

Citigroup Layoffs 2023: Citigroup Managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off, reported Reuters. As per the report, this comes as the company is looking at its biggest reorganization in decades.

Citigroup Layoffs 2023: Global Memo

In a global memo accessed by Reuters, Sara Wechter, the bank's chief human resources officer wrote, "Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated". She further added that the next layer of change is scheduled to be announced in November.

Also Read: Layoffs 2023: Goldman Sachs plans another round of layoffs; to let go underperformers

Citigroup Layoffs 2023: Compensation for Laid-Off Employees

As per the memo, employees whose jobs are eliminated might be eligible to apply for other roles, and the company will offer severance pay and notice periods where eligible. As per Reuters, Citigroup also convened a meeting of its managing directors on Wednesday and the executives addressed the measures outlined in Wechter's memo.

Citigroup: Restructuring in the UK

Citigroup is also beginning the consultations required in the UK after earlier warning employees about possible redundancies.

"We are updating colleagues on our next steps to align our structure with our strategy, and consulting with the London Consultation Forum about roles currently under review, some of these roles may change, while others will remain largely the same," the bank said in a statement Wednesday