Citigroup, the third-largest bank in the United States, is reportedly undergoing a major round of layoffs as part of a strategic reorganization of its corporate structure. The announcement, which began rolling out on Wednesday, is anticipated to continue through early next week, impacting various levels of the workforce.
This move follows Citigroup CEO Jane Fraser’s September announcement of new division heads, hinting at impending layoffs with “final changes” expected by March of the next year. The initial phase of layoffs will affect chiefs of staff, managing directors, corporate attorneys, and some lower-level employees, with projections suggesting the final cuts may impact up to 10% of the company’s global workforce, which currently stands at over 240,000 employees worldwide.
CEO Jane Fraser emphasized the necessity for change, stating, “Our people want to succeed, and our highest performers get behind this very quickly. We don’t have room for bystanders. We don’t have room for people who want to stand on the sidelines.”
The company has assured that affected employees will have the opportunity to apply for other positions within the organization. In 2023, major banks on Wall Street, including Bank of America, Goldman Sachs, Morgan Stanley, and Wells Fargo, will have collectively laid off approximately 20,000 workers. Notably, JPMorgan stands out with about 15,000 new hires during the same period. This broader trend reflects the evolving landscape of the financial industry as institutions navigate changes and adapt to new priorities.
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