Citigroup Eliminates More Than 300 Senior Manager Roles, Says Bloomberg
November 20 2023 - 10:15AM
Dow Jones News
By Denny Jacob
--Citigroup is eliminating more than 300 senior manager roles as
part of Chief Executive Jane Fraser's efforts to simplify the
company, Bloomberg reported.
--The bank announced the cuts, which affect those staffers two
levels below Fraser's executive management team, on Monday, the
report said, citing a person familiar with the matter, which
amounts to roughly 10% of workers at that level.
--"Today we shared with our colleagues the next layer of changes
across many of our businesses and functions as we continue to align
Citi's organizational structure with our new, simplified operating
model," Citigroup said in a statement, which didn't disclose the
number of cuts involved, according to Bloomberg. "As we've
acknowledged, the actions we're taking to reorganize the firm
involve some difficult, consequential decisions, but we believe
they are the right steps to align our structure with our strategy
and ensure we consistently deliver excellence to our clients."
Full story at
https://www.bloomberg.com/news/articles/2023-11-20/citi-cuts-hundreds-of-manager-roles-in-latest-restructuring-move?srnd=undefined&sref=b0us4KbN
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 20, 2023 10:00 ET (15:00 GMT)
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