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In anticipation of the next phase of Citigroup’s sweeping reorganization, employees are on edge as they expect announcements regarding management changes and potential layoffs next week. The financial giant, led by CEO Jane Fraser, initiated a corporate overhaul plan in October 2023, aiming to streamline operations and cut down layers of management.
As the restructuring unfolds, employees are awaiting clarity on the scale of layoffs that could significantly impact the workforce of the third-largest U.S. lender.
Citigroup’s Ongoing Corporate Overhaul
According to recent reports, Citigroup employees worldwide are bracing for impactful developments as CEO Jane Fraser’s corporate overhaul plan progresses. Speculation looms over potential layoffs, and management changes as the bank seeks to simplify its structure.
This follows the announcement in October to reduce management layers from 13 to eight, a significant move in Citigroup’s most extensive restructuring effort in decades. Notably, according to several reports, the announcement might come from the company on Monday, November 20.
Meanwhile, CEO Jane Fraser’s initiative involves eliminating co-heads of divisions, and regional roles, and reducing internal financial management reporting by 50%. The restructuring aims to centralize decision-making, focusing on five key businesses. Despite the lack of specific details on the number of layoffs, Fraser’s plan signifies a strategic shift for Citigroup as it adapts to industry dynamics and strives for operational efficiency.
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Impact On The Bank’s Workforce
According to a Reuters report from September, support staff in compliance, risk management, and technology roles face potential layoffs, emphasizing the significant changes across various functions. Notably, the restructuring plan also aligns with Citigroup’s goal of maintaining competitiveness in a rapidly evolving financial landscape.
Meanwhile, the bank’s headcount, despite previous cuts, has remained steady at 240,000 employees. The strategic additions in technology underscore Citigroup’s commitment to addressing regulatory challenges and enhancing its digital capabilities.
Notably, in addition to recent developments in Citigroup’s strategic shift, the bank has partnered with AvaCloud to conduct testing on the execution of forex trades.
While the exact scale of the layoffs remains undisclosed, Citigroup’s commitment to reshaping its structure indicates a commitment to strategic growth. CEO Jane Fraser’s vision for a simplified and agile organization suggests a forward-looking approach.
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