Employees of Citigroup are expecting announcements about management changes and layoffs on Monday following the next phase of the bank’s sweeping reorganisation.
The Citigroup employs more than 2,40,000 people worldwide, who are awaiting more details about the scale of layoffs at the bank. However, the company declined to comment on the same.
In October, the bank announced its plans to cut management layers from 13 to 8 as a part of its largest overhaul in decades. The bank has reduced 15% of functional rules and eliminated 60 committees from the top two layers of leadership.
The third-largest US lender is planning to eliminate co-heads of decisions and regional roles, cut half of internal financial management reporting, and centralise decision-making within the firm.
Technology staff who are working on overlapping functions and support staff in compliance and risk management are at risk of being laid off.