21-11-2023 (NEW YORK) On Monday (20 Nov), Citigroup revealed plans to cut over 300 senior manager roles as part of its restructuring efforts. The company is expected to continue downsizing, potentially affecting thousands of employees.
The impact of the restructuring on Citibank employees in Singapore remains uncertain at this time.
According to Bloomberg, Citigroup’s Chief Executive Officer (CEO), Jane Fraser, along with her executive management team, announced a series of changes on 20 Nov, including the elimination of over 300 senior manager positions. Reuters reported that members of the team communicated these changes to their subordinates via email.
In addition, Citigroup’s leaders conducted conference calls to discuss the restructuring moves. “The actions we’re taking to reorganise the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy,” stated Fraser in a released statement.
Fraser also informed employees through a memo that final announcements regarding the overhaul will be made in early 2024. According to a source familiar with the matter, some affected employees may have the opportunity to apply for other roles within the bank. However, the overall restructuring could result in thousands of layoffs, according to another source. The executive management team explained the new structure within each division through calls with their respective teams, providing information on potential role changes.
The restructuring plan includes reducing the number of management layers from 13 to eight, marking the largest overhaul by Citigroup in decades. Within the top two leadership layers, the company has eliminated 15% of functional roles and 60 committees. In September, Reuters reported that support staff in compliance and risk management, as well as technology staff in overlapping functions, were at risk of job losses.
The impact of the reorganization efforts on employees in Singapore remains uncertain.
