Citigroup is cutting 10% of its workforce in CEO Jane Fraser’s corporate overhaul
Citigroup is cutting 10% of its workforce in CEO Jane Fraser’s corporate overhaul

Jane Fraser, Citi, at WEF, Davos, Jan. 17, 2023.

Adam Galica | CNBC

Citigroup mentioned it was cutting 10% of its workforce in a bid to assist increase the embattled financial institution’s outcomes and inventory worth.

About 20,000 staff will probably be let go over the “medium time period,” New York-based Citigroup mentioned Friday in a slideshow tied to fourth-quarter earnings. While it wasn’t instantly clear how lengthy that is, the financial institution has beforehand used that time period to indicate a three-to-five-year interval.

Citigroup had roughly 200,000 employees on the finish of 2023, excluding Mexican operations which can be in the method of being spun out, in response to the presentation.

Citigroup CEO Jane Fraser introduced a sweeping overhaul of the third-largest U.S. financial institution by belongings in September. The firm has been left behind by its massive financial institution friends for the reason that 2008 monetary disaster, as Fraser’s predecessors could not get a deal with on bills, and is the lowest-valued among the many prime six U.S. companies.

In November, CNBC reported that managers and consultants concerned in the trouble — identified internally by the code title “Project Bora Bora” — mentioned job cuts of 10% in a number of main companies. The firm has since executed a number of waves of layoffs, starting with the highest layers of the financial institution first, with one other spherical of cuts set for January 22, in response to a supply.

In a footnote to its presentation, Citigroup mentioned the 20,000 job cuts might be “barely decrease” if it chooses to make use of inside sources relatively than outsource features.

This story is growing. Please verify again for updates.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *