Citigroup employees prepare for layoffs and management overhaul – sources

Citigroup employees prepare for layoffs and management overhaul – sources

The Citibank logo appears on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City.

The Citibank logo appears on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, US, on August 3, 2021. REUTERS/Andrew Kelly acquires licensing rights

NEW YORK (Reuters) – Citigroup (CN) employees expect the bank to announce layoffs and senior management changes on Monday as part of its biggest reorganization in decades, according to five sources familiar with the matter.

The job cuts could affect thousands of employees, according to a source familiar with the situation who was not authorized to speak publicly. Executives are likely to announce changes to senior management via email, the source said.

Preparations for Monday’s announcements were announced verbally at meetings, according to a source familiar with the situation who was not authorized to speak publicly. The source said that some employees may be able to apply for other positions at the bank.

Citigroup declined to comment.

Last month, City announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. In the top two tiers of leadership, Citibank cut 15% of job roles and eliminated 60 committees, it said in its third-quarter earnings presentation.

Reuters reported in September that support staff in compliance and risk management, and technology staff who work cross-functionally, are at risk of being laid off.

(Reporting by Saeed Azhar, Isla Penny and Tatiana Butzer in New York – Preparing by Muhammad for the Arabic Bulletin – Preparing by Muhammad Al-Yamani for the Arabic Bulletin) (Additional reporting by Svea Herbst Baylis and Echo Wang) Editing by Lanan Nguyen and Lisa Shumaker

Our Standards: The Thomson Reuters Trust Principles.

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Saeed Azhar is a financial journalist with Reuters and a member of the US banking team covering the largest banks on Wall Street. He focuses on Goldman Sachs and Bank of America, and also writes about regional banks. Before moving to New York in July 2022, he led the Middle East finance team from Dubai, and also worked in Singapore, where he covered finance in Southeast Asia. Contact: +1-3479086341

Tatiana Bautzer is an American banking correspondent for Reuters in New York. She previously covered banking in Brazil, breaking news on major global corporate deals, IPOs and bankruptcies. I have also looked into corruption scandals in Brazilian conglomerates and business disputes between billionaires. Before joining Reuters in 2015, Bautzer worked at the business magazines Exame and Istoe Dinheiro and the newspapers Valor Economico and O Estado de S. Paulo. She previously worked as an international correspondent for Valor Economico in Washington, D.C., where she covered multilateral institutions and trade. Bautzer holds a bachelor’s degree in journalism and an MBA from the University of São Paulo. Contact: +646-2397968

(tags for translation)EF:BUSINESS-WORLD-AT-WORK

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