Citi Job Cuts Affect Over 300 Senior Manager Roles in Restructuring Effort
Citigroup's restructuring plan targets senior management roles, affecting about 10% of employees at that level
Global banking and investment giant Citigroup, Inc. (C), is set to eliminate over 300 senior manager positions as part of Chief Executive Officer Jane Fraser's efforts to streamline the Wall Street giant.
The Manhattan, New York City-based company is targeting employees two tiers below Fraser's top management team, according to sources familiar with the matter, as recently reported by Bloomberg.
Reorganization in Progress
These cuts represent approximately 10 percent of the employees at that level. Citigroup stated, "Today we shared with our colleagues the next layer of changes across many of our businesses ... to align Citi’s organizational structure with our new, simplified operating model." The company did not specify the number of layoffs. The statement further emphasized the necessity of these "difficult, consequential decisions" to align the firm's structure with its strategy and consistently deliver excellence to clients.
