Citigroup employees brace for layoffs, management overhaul – sources

NEW YORK, Nov 20 (Reuters) – Citigroup (C.N) employees be expecting the financial institution to announce layoffs and senior management adjustments on Monday as a part of its greatest reorganization in many years, in line with 5 sources with wisdom of the subject.

The process cuts may just impact 1000’s of workforce, in line with a supply accustomed to the placement who used to be now not licensed to talk publicly. Executives also are prone to announce senior management adjustments via e-mail, the supply stated.

Preparations for Monday’s bulletins have been communicated verbally in conferences, in line with a supply accustomed to the placement who used to be now not licensed to talk publicly. Some workforce could possibly follow for different roles on the financial institution, the supply stated.

Citigroup declined to remark.

Last month, Citi introduced plans to chop management layers from 13 to 8 as a part of its greatest overhaul in many years. In the 2 best layers of management, Citi lowered 15% of practical roles and eradicated 60 committees, it stated in its 3rd-quarter profits presentation.

Support workforce in compliance and chance management, and era workforce operating on overlapping purposes are liable to being laid off, Reuters reported in September.

As a part of the reshuffle, america financial institution will title considered one of its maximum senior bankers in Europe, Nacho Gutiérrez-Orrantia, new head of banking within the area, in line with other folks accustomed to the placement.

In his new position of head of the Europe cluster, the Spanish banker will take care of Citi´s companies in Europe.

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Saeed Azhar is a Reuters monetary journalist and a part of the U.S. banking crew, which covers Wall Street’s greatest banks. He specializes in Goldman Sachs and Bank of America, and likewise writes about regional banks. Before transferring to New York in July 2022, he led the finance crew within the Middle East from Dubai, and likewise labored in Singapore, masking Southeast Asia finance.
Contact: +1-3479086341

Tatiana Bautzer is a U.S. banking correspondent at Reuters in New York. She up to now lined banks in Brazil, breaking news on offers via main world companies, preliminary public choices and bankruptcies. She has additionally delved into corruption scandals at Brazilian conglomerates and trade disputes between billionaires. Prior to becoming a member of Reuters in 2015, Bautzer labored for trade magazines Exame and Istoe Dinheiro and newspapers Valor Economico and O Estado de S. Paulo. She up to now served as world correspondent for Valor Economico in Washington, D.C., masking multilateral establishments and industry. Bautzer holds a B.A. in Journalism and an MBA from the University of Sao Paulo.
Contact: +646-2397968