A report claims that Citigroup, the third-biggest bank in the United States, is undergoing a significant round of layoffs as part of an intended overhaul of its organizational structure.
According to CNBC, notification of the cuts began to be given to the impacted staff on Wednesday, and they will continue to be publicized until early next week.
CEO Jane Fraser stated in September that the last adjustments will be completed by March of the following year, revealed new division leaders, and alluded to layoffs.
Chiefs of staff, managing directors, corporate attorneys, and a few lower-level employees will be impacted by the initial rounds of layoffs. The last layoffs may impact 10% of the company’s employees.
“The case for change is pretty clear: 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,” Fraser said.
Employees who were laid off would be able to reapply, according to the business.
With the exception of JPMorgan, which has hired nearly 15,000 people, five of the largest Wall Street banks—Bank of America, Citi, Goldman Sachs, Morgan Stanley, and Wells Fargo—have let off about 20,000 employees so far in 2023.