Citigroup Employees Brace For Management Reshuffle And Layoffs On Monday: Report

Major changes are on the horizon at Citigroup Inc. (NYSE:C), as employees prepare for an extensive restructuring that includes significant layoffs and a senior management reshuffle, expected to be announced on Monday.

What Happened: Reuters reported that the anticipated restructuring at Citigroup marks the most extensive reorganization of the banking giant in recent memory. Informed sources suggest that the changes could impact thousands of employees, with announcements likely to be made via email. The news of the impending announcements was reportedly shared verbally during meetings.

Employees impacted by the layoffs may have a chance to take on different roles within the bank. However, support staff working in compliance and risk management, as well as technology staff who handle overlapping tasks, are expected to be particularly affected. These restructuring plans follow Citi’s announcement last month of its intention to decrease management layers from 13 to eight.

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In its Q3 earnings report, Citi disclosed a 15% reduction in functional roles in the top two layers of leadership and the elimination of 60 committees. Despite the upcoming changes, Citigroup has declined to comment further.

Why It Matters: The anticipated layoffs and restructuring are part of a broader global restructuring initiative known as ‘Project Bora Bora’, as reported by the Australian Financial Review. This has already sparked concerns among Citigroup’s Australian workforce. Back-office roles, such as compliance and risk, are reportedly under threat, with potential staff reductions in Citi’s broker-dealer arm.

This recent development follows previous reports in September indicating Citigroup’s consideration of job cuts, particularly among support personnel in compliance and risk management. Technology staff members with overlapping responsibilities were also speculated to be at risk.

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