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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

<h2>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 &nbsp;support functions like technology and operations</h2>

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
<h3>Citigroup overhaul</h3>
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: <a href="https://www.editorji.com/business-news/citigroup-layoffs-over-300-senior-manager-roles-cut-in-latest-rejig-1700547347136">Citigroup Layoffs: Over 300 senior manager roles cut in latest rejig</a>
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.&nbsp;
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.

The distressed-debt unit, which handles bonds and securities for companies navigating bankruptcy, employs approximately 40 individuals: Report

Citigroup announces closure of global distressed-debt business

<h2>The distressed-debt unit, which handles bonds and securities for companies navigating bankruptcy, employs approximately 40 individuals: Report</h2>

Citigroup is making significant changes under CEO Jane Fraser's leadership, shuttering its global distressed-debt group as part of a sweeping overhaul, sources familiar with the decision told CNBC. This move aligns with Fraser's strategy to streamline the bank, focusing on businesses with stronger returns.
The distressed-debt unit, which handles bonds and securities for companies navigating bankruptcy, employs approximately 40 individuals, the sources revealed, speaking on condition of anonymity concerning strategic shifts.
Fraser's restructuring aims to simplify Citigroup's structure, marking its most substantial transformation in nearly 20 years. This initiative includes leadership alterations, job reductions, and business closures to fortify the bank's performance metrics.
Also read/watch -<a title=" Toyota recalls over 11 lakhs vehicles for possible air bag concerns " href="https://www.editorji.com/business-news/toyota-recalls-over-11-lakhs-vehicles-for-possible-air-bag-concerns-1703136086176"> Toyota recalls over 11 lakhs vehicles for possible air bag concerns</a>
Last week, Citigroup announced the closure of its municipal-bond trading operations, acknowledging the dwindling viability of the once-thriving business, which employed about 100 staff members.
Notably, Citigroup has remained tight-lipped regarding these developments, declining to comment on these reported changes or the recent restructuring efforts initiated by Fraser. The bank previously disclosed plans to terminate municipal underwriting and market-making activities, citing an infeasible economic landscape that conflicts with their goal of bolstering overall returns.

Citigroup Layoffs 2023: CEO Jane Fraser demands full commitment to sweeping changes or potential departure from employees. Her restructuring aims to streamline operations, but undisclosed job cuts and leadership vacancies raise internal concerns.

Citigroup Layoffs 2023: Citigroup CEO Jane Fraser's stern warning to employees amid major organizational revamp

Citigroup CEO Jane Fraser demands full commitment to sweeping changes or potential departure from employees. Her restructuring aims to streamline operations, but undisclosed job cuts and leadership vacancies raise internal concerns

Citigroup CEO’s stern warning to employees amid major organizational revamp

<h2>Citigroup CEO Jane Fraser demands full commitment to sweeping changes or potential departure from employees. Her restructuring aims to streamline operations, but undisclosed job cuts and leadership vacancies raise internal concerns</h2>

Citigroup Layoffs 2023: Citigroup CEO Jane Fraser has delivered a firm message to the bank's 240,000 employees, urging them to wholeheartedly embrace the sweeping changes she unveiled on September 13 or "get off the train," as reported by the Financial Times. The call to action follows Fraser's strategic restructuring plans aimed at aligning Citigroup's management with its vision and streamlining operations.
Fraser, known for her approachability, is displaying a new level of resolve as she reshapes the bank. Her recent announcement outlined ambitious plans to eliminate complexity and bolster accountability.
<h3>Citigroup CEO Jane Fraser&rsquo;s Stern Message to Employees</h3>
"I am determined that our bank will deliver to our full potential, and we're making bold decisions to meet our commitments to all our stakeholders," Fraser said.
"These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service, and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all to deliver on our medium-term targets and our transformation."
Fraser reiterated her message during a recent town hall meeting, urging Citigroup's workforce to embrace the bank's ambitious goals. "So lean in, help us win with clients, help us deliver the changes, or get off the train," she emphasized.
Fraser's determination for transformation stems from her pledge to enhance Citigroup's profitability and reduce risk. However, the specifics regarding job cuts and cost reduction remain undisclosed, leading to internal unease.
Moreover, Citigroup is yet to appoint permanent heads for its investment, commercial, and corporate bank divisions. The bank has enlisted the services of executive search firm Egon Zehnder to identify suitable candidates, with a focus on external talent.
Since Fraser's restructuring announcement, several senior executives have left Citigroup, and the exodus is expected to accelerate in the coming weeks. Among those departing is Eduardo Cruz, who led Citi's Latin American investment banking operations. High-ranking executives overseeing Citigroup's non-US business, including European unit head Kristine Braden, have also exited in response to Fraser's changes.
Citigroup employees in the UK have received a memo indicating an impending review process that will lead to a "reduction in roles." However, the memo did not specify the number of positions to be eliminated among the 16,000 UK staff members.
Fraser's vision for Citigroup's future is clear, but the path forward remains uncertain for both the bank's employees and the financial industry as a whole. Also Watch: <a href="https://www.editorji.com/business-news/citigroup-launches-major-restructuring-effort-with-potential-layoffs-1694761096914">Citigroup to undertake major restructuring with potential layoffs</a>

Citigroup begins major restructuring with potential layoffs in compliance, risk, and technology roles. CEO Jane Fraser seeks profit-driven efficiency in the organization

Citigroup to undertake major restructuring with potential layoffs

Citigroup begins major restructuring with potential layoffs in compliance, risk, and technology roles. CEO Jane Fraser seeks profit-driven efficiency in the organization

Citigroup, one of the leading financial giants, is undergoing a significant restructuring, and it appears that support staff in compliance and risk management may bear the brunt of the changes.
Additionally, employees in technology roles with overlapping functions are also facing potential layoffs as part of the restructuring efforts.
Citigroup's management has already begun discussions with employees regarding the impending layoffs. Individual meetings to discuss departures have also commenced, reported Reuters
These developments come on the heels of the recent announcement by the third-largest U.S. bank, in which it declared its intention to streamline its management structure and reduce its workforce.
CEO Jane Fraser, describing it as the most significant reorganization in nearly two decades, aims to wield greater direct control over the bank's operations in a bid to bolster profits and its stock performance.
To quell concerns among its teams, executives overseeing revenue-generating divisions held meetings on Wednesday to elucidate the changes and reassure employees that the reorganization would lead to reduced bureaucracy and prioritize profit-centric activities.
Citigroup is still grappling with a consent order from regulators issued in 2020, which demanded that it rectify various "longstanding deficiencies" in its internal controls.
In a statement released on Wednesday, the bank stated, "Simplifying the organization will also advance the execution of Citi's transformation, the firm's top priority."
As part of the new structure, the heads of Citigroup's five major businesses will report directly to the CEO, while regional leadership roles outside North America will be eliminated.
Citigroup, with 240,000 employees as of the second quarter, surpasses its peers, Bank of America and Wells Fargo, in terms of headcount. The extent of the impending job cuts remains uncertain, but CEO Jane Fraser emphasized in a memo to staff that the departures are intended to enable producers and dealmakers to concentrate on client relationships and driving results.

In March 2022, Axis Bank acquired Citibank's India consumer business for USD 1.6 billion in an all-cash deal.
 

Axis Bank- Citibank deal: Here's all you need to know

Axis Bank completes Citibank acquisition: What you need to know

In March 2022, Axis Bank acquired Citibank's India consumer business for USD 1.6 billion in an all-cash deal.&nbsp;
&nbsp;

A year after acquiring Citibank's India consumer business, Private sector lender Axis Bank on Wednesday completed the deal.&nbsp;
With this, Axis Bank gets 30 lakh unique customers of Citibank India, seven offices, 21 branches, and 499 ATMs across 18 Indian cities.&nbsp;
Here's what this will mean for customers 1. Customers can continue using their Citi account, credit and debit card numbers, chequebooks, and IFSC without any charges.
2. Citi Mobile App or Citibank Online will remain functional.
3. Citibank credit card reward points: Reward points on credit and debit cards will continue to accrue and can be used.&nbsp; However, the Citigold 'Global Banking Privileges' will cease now. &nbsp; 4. If you have an insurance policy that you have taken through Citi India, the features will remain the same and will continue to be serviced by Axis Bank.&nbsp; 5. There will be no change in credit products structure. The fees, charges, billing cycle, payment due date and bill payment methods for credit cards will be the same.
6. Your investments in mutual funds, PMS, or AIF will be transferred to Axis Bank. 7. Customers can use any Axis Bank ATM. But, charges applicable over and above free transactions at Citibank ATMs will be charged on transactions at Axis Bank ATMs too.
About the deal&nbsp; In March 2022, Axis Bank acquired Citibank's India consumer business for USD 1.6 billion in an all-cash deal. The transaction comprised the sale of consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management and consumer loans.

South Africa's second largest bank FirstRand&nbsp;is exiting India business after 12 years reports Economic Times.&nbsp;FirstRand&nbsp;Bank informed employees on Tuesday via videoconference&nbsp;and stated&nbsp;"Following a review of FirstRand&rsquo;s strategy in India the decision has been taken to convert the current branch to a representative office. FirstRand will be engaging with the regulators on this proposed change."
FirstRand's&nbsp;shut down will impact over 50 employees and marks the second exit for a foreign&nbsp;lender after global giant&nbsp;Citibank announced it's departure for retail ops last week.&nbsp;

After Citi, second foreign bank announces India biz exit

South Africa's second largest bank FirstRand&nbsp;is exiting India business after 12 years reports Economic Times.&nbsp; FirstRand&nbsp;Bank informed employees on Tuesday via videoconference&nbsp;and stated&nbsp;"Following a review of FirstRand&rsquo;s strategy in India the decision has been taken to convert the current branch to a representative office. FirstRand will be engaging with the regulators on this proposed change."
FirstRand's&nbsp;shut down will impact over 50 employees and marks the second exit for a foreign&nbsp;lender after global giant&nbsp;Citibank announced it's departure for retail ops last week.&nbsp;

South Africa's second largest bank FirstRand&nbsp;is exiting India business after 12 years reports Economic Times.&nbsp; FirstRand&nbsp;Bank informed employees on Tuesday via videoconference&nbsp;and stated&nbsp;"Following a review of FirstRand&rsquo;s strategy in India the decision has been taken to convert the current branch to a representative office. FirstRand will be engaging with the regulators on this proposed change."
FirstRand's&nbsp;shut down will impact over 50 employees and marks the second exit for a foreign&nbsp;lender after global giant&nbsp;Citibank announced it's departure for retail ops last week.&nbsp;

Citigroup announced on Thursday it will exit 13 international consumer banking markets, including China and India, shifting its focus to wealth management and away from retail banking where it lacks scale. Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates. The move is part of an ongoing review of the company&rsquo;s strategy by Chief Executive Officer Jane Fraser, who took over last month. The withdrawal came as Citigroup reported record quarterly profit, boosted by the flurry of blank-check companies it helped take public in the first three months of the year.

Citi to exit retail banking in India, likely to look for buyer, not shut 

Citigroup to exit China and India, and 11 other global consumer banking markets where it has no scale. Officials say they will look for buyer, nothing to change for customers

US banking giant Citigroup, decided to exit the consumer banking business in India as part of a global strategy to focus on institutional business. Citi&nbsp;will exit consumer banking in 13 countries
Citi India&rsquo;s Chief Executive Ashu Khullar has assured that there will be no immediate impact of the decision on its employees and operations in India reported PTI.&nbsp; Citi's&nbsp;total assets in India are nearly at Rs 3 lakh&nbsp;crore,&nbsp; out of which the retail biz including credit cards would be over Rs 32,000 cr as per reports in ET. However, the company has said that it has begun looking for a buyer, &nbsp;&ldquo;Citi is not closing down its consumer business here, but only exiting. We will now look for a buyer for the Indian consumer business segment and will also seek necessary regulatory approvals,&rdquo; officials told&nbsp;Moneycontrol.com.

&ldquo;Zoom-Free Fridays," that's the motto at Citi&nbsp;as the CEO reportedly has circulated an internal memo banning intra-office Zoom calls on Friday as per Bloomberg.
As per the memo seen by Bloomberg&nbsp;the Citi&nbsp;Chief told the staff "The blurring of lines between home and work and the relentlessness of the pandemic workday have taken a toll on our well-being. It&rsquo;s simply not sustainable."Jane Fraser who has been at the helm only since early March also designated May 28 as a firmwide holiday to be known as &ldquo;Citi Reset Day.&rdquo;
&nbsp;

It's TGIF at Citi as CEO bans Zoom calls on Fridays

It is time to reset the balance that's the word from the new Citi&nbsp;CEO as she bans Zoom calls on Fridays and declares a "Citi&nbsp;Reset Day".&nbsp;

It TGIF at Citi as CEO bans Zoom calls on Fridays

&ldquo;Zoom-Free Fridays," that's the motto at Citi&nbsp;as the CEO reportedly has circulated an internal memo banning intra-office Zoom calls on Friday as per Bloomberg.
As per the memo seen by Bloomberg&nbsp;the Citi&nbsp;Chief told the staff "The blurring of lines between home and work and the relentlessness of the pandemic workday have taken a toll on our well-being. It&rsquo;s simply not sustainable." Jane Fraser who has been at the helm only since early March also designated May 28 as a firmwide holiday to be known as &ldquo;Citi Reset Day.&rdquo;
&nbsp;

Citigroup to hire 6,000 people to cushion youth unemployment

Citigroup&nbsp;to hire 6,000 people in Asia to help cushion the region from a blowout in youth unemployment

Citigroup&nbsp;is set to hire 6,000 young people in Asia over the next three years in an effort to help cushion the region from a blowout in youth unemployment, a Bloomberg&nbsp;report said.&nbsp;It&rsquo;s also offering 60,000 job training opportunities for youth below the age of 24 over the next three years.
Citi and its Citi Foundation pledged to invest $35 million in philanthropic contributions and grants to improve the employability of youth from low-income and under-served communities in Asia by 2023.
Asia Pacific is home to more than half of the world&rsquo;s youth population.

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