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Citigroup intends to lay off 10% of its employees

Citigroup intends to lay off 10% of its employees

According to media reports, Citigroup’s management and consultants are considering reducing the workforce by at least 10%, affecting various key divisions as part of Jane Fraser’s restructuring plans.

The bank previously announced job cuts as part of a comprehensive plan in September, but the exact number of layoffs and cost reductions will be determined in the current quarter.

Citigroup’s restructuring effort, dubbed ‘Project Bora Bora,’ aims to give Fraser more control, streamline the company, and increase its stock value. The project is still in its early stages, so the number of job cuts could change.

The bank has enlisted the help of Boston Consulting Group. According to the report, Fraser’s efforts to eliminate redundant positions, such as regional managers and co-heads, will result in executive job cuts.

Sara Wechter, Citigroup’s chief human resources officer, explained this process in a global memo sent on October 4, 2023. Some positions will be changed, and new ones may be created, but roles that do not fit the company’s new structure will be phased out. More information about this transformation will be released in November.

Employees who are affected will be able to apply for other positions within the company. Citigroup will also provide eligible employees with severance pay and notice periods.

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