Citigroup employees expecting management reshuffle, layoffs: sources

MONEY & BUSINESS: Citigroup employees expecting management reshuffle, layoffs: sources

Citigroup employees expect announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganization, according to four people familiar with the situation.

Employees are awaiting more details about the scale of layoffs at the bank, which employs 240,000 people worldwide.

Citigroup declined to comment. The Financial Times reported the news earlier.

Citigroup is expected to announce layoffs on Monday.
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Last month, the bank announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. In the two top layers of leadership, Citi reduced 15% of functional roles and eliminated 60 committees, it said in its third quarter earnings presentation.

The third-largest US lender will also eliminate co-heads of divisions and regional roles, cut 50% of internal financial management reporting and centralize decision making, it said in October.

Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

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