Citigroup will lay off thousands of employees and hundreds of senior managers – Kommersant

Today, November 20, the American financial corporation Citigroup reportedthat she informed her employees about the changes as part of the company’s restructuring. Citigroup said in a statement: “The actions we are taking to reorganize the firm involve some difficult and significant decisions.” However, the statement did not provide any details.

Just last week, American media wrotethat Citigroup will make an announcement on November 20 regarding staff reductions and other changes at the company. According to Reuters citing sources, the bank is going to cut “thousands of employees.” According to Bloomberg, among other things, more than 300 senior bank managers will be laid off. The bank’s management is expected to make a final announcement regarding the restructuring in early 2024.

Citigroup CEO Jane Fraser announced on a major restructuring of the group in September. Instead of the previous two divisions, there will now be five: work with corporate and institutional clients, retail banking, wealth management, transaction processing services, and market operations. At the same time, the structure of the company should be significantly simplified: many intermediate levels of management will be eliminated, and all heads of five divisions will report directly to the general director.

Yana Rozhdestvenskaya