The Citibank logo is seen on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, USA on August 3, 2021. Portal/Andrew Kelly acquires license rights
NEW YORK, Nov 20 (Portal) – Citigroup (CN) officials expect the bank to announce layoffs and senior management changes on Monday as part of its biggest restructuring in decades, according to five sources familiar with the matter.
The job cuts could affect thousands of employees, according to a source familiar with the situation who was not authorized to speak publicly. Executives would also likely announce senior management changes via email, the source said.
Preparations for Monday’s announcements were communicated verbally in meetings, according to a source familiar with the situation who was not authorized to speak publicly. Some employees may apply for other positions at the bank, the source said.
Citigroup declined to comment.
Last month, Citi announced plans to cut management levels from 13 to eight in the biggest restructuring in decades. At the top two levels of management, Citi reduced 15% of functional roles and eliminated 60 committees, it said in its third-quarter earnings presentation.
Portal reported in September that support staff in compliance and risk management, as well as technology staff working on overlapping functions, would be laid off.
Reporting by Saeed Azhar, Isla Binnie and Tatiana Bautzer in New York; Additional reporting by Svea Herbst-Bayliss and Echo Wang; Editing by Lananh Nguyen and Lisa Shumaker
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