Citigroup cuts 300 senior manager roles in latest rejig, says report
Citigroup Inc. is cutting more than 300 senior manager positions as part of Chief Executive Officer Jane Fraser’s efforts to simplify the Wall Street giant.
The company began announcing the cuts — which affect employees at two levels under Fraser’s executive management team — on Monday, according to a person familiar with the matter. They discussed personnel information, about 10 percent of employees at that level, according to the person who asked not to be identified.
“Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified business model,” Citigroup said in a statement, which did not specify the number. was announced. cuts involved. “As we have recognized, the actions we are taking to reorganize the business involve some difficult, consequential decisions, but we believe these are the right steps to align our structure with our strategy and ensure that we consistently deliver excellence to our customers.”
The workforce reduction, which the bank has said will continue across the world next year, is part of Fraser’s strategy to eliminate layers of management and abolish co-head structures to control decision-making within the bank to speed up. The company did not provide figures on how many employees could ultimately be laid off.
“Building a winning bank requires a lot of commitment, hard work and resilience from each of us,” Fraser said in a memo to staff. “I am aware that we ask a lot of our people.”
According to the memo, the bank remains on track to announce the next changes early next year and complete the final changes by the end of the first quarter.
Citigroup CEO Jane Fraser announced Monday that the company is implementing the next layer of management changes in the form of a major reorganization.
“The actions we are taking to reorganize the business involve some difficult decisions with consequences, but we believe these are the right steps to align our structure with our strategy,” Fraser said in a separate statement.
Specific leadership changes within companies and functions will be communicated by executives first to their teams on Monday and later posted on an internal site, the memo to employees said.