Solutions For RealSolutions For Real
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Scammers Are Stealing Billions From Elders — And They’re Getting Better At It

June 14, 2025

Surveillance Nation: Who Else Has a File on Your Finances?

June 14, 2025

These Six-Figure Jobs Value Competence, Not Credentials

June 14, 2025
Facebook Twitter Instagram
Trending
  • Scammers Are Stealing Billions From Elders — And They’re Getting Better At It
  • Surveillance Nation: Who Else Has a File on Your Finances?
  • These Six-Figure Jobs Value Competence, Not Credentials
  • Inspiring Quotes From Brian Wilson of The Beach Boys
  • Here’s Why You Should Be Wary Of 401(k) Crypto Options
  • I’ve Stockpiled 3 Years of Food and More. Here Is My Story.
  • 6 Tips for How to Follow up on a Job Application (With Examples)
  • How a 12-Year-Old’s Side Hustle Makes Nearly $50,000 a Month
Sunday, June 15
Facebook Twitter Instagram
Solutions For RealSolutions For Real
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
Solutions For RealSolutions For Real
Home » Citigroup outlines layoff process, reassignments in overhaul -memo
Investing

Citigroup outlines layoff process, reassignments in overhaul -memo

News RoomBy News RoomOctober 5, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

© Reuters. FILE PHOTO: A traffic light is pictured in front of a Citibank branch in Singapore February 23, 2009. REUTERS/Vivek Prakash/File Photo

By Lananh Nguyen, Tatiana Bautzer and Saeed Azhar

NEW YORK (Reuters) -Citigroup managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off during its biggest reorganization in decades, according to a global memo to staff on Wednesday seen by Reuters.

“Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated,” Sara Wechter, the bank’s chief human resources officer, wrote in the memo. “This next layer of change is scheduled to be announced in November.”

Employees whose jobs are eliminated may be eligible to apply for other positions, and the company will offer severance pay and notice periods where eligible, according to the message. The contents of the memo have not previously been reported.

Citi declined to comment on the global memo.

Citigroup (NYSE:) also convened a meeting of its managing directors on Wednesday, according to two sources familiar with the matter. Executives addressed the measures outlined in Wechter’s memo, one of people said.

Bankers had 15 minutes advance notice about the meeting, which lasted only 30 minutes, the source said.

Citigroup also declined to comment on the managing directors’ meeting.

Last month, Citi CEO Jane Fraser announced a sweeping reorganization to simplify the bank’s structure after divesting from non-core markets and focusing on profitable areas. Fraser’s memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients.

“We’ll be saying goodbye to some very talented and hard-working colleagues,” Fraser wrote at the time.

Citi had 240,000 employees at the end of the second quarter. That compares with headcounts of about 216,000 at Bank of America and 234,000 at Wells Fargo, the second and fourth-largest U.S. lenders respectively.

Fraser has increasingly toughened the message to staff. “We don’t have room for bystanders, we don’t have room for people who want to stand on the sidelines,” she said in a TV interview last week.

CONSULTATIONS IN THE UK

The bank is also beginning the consultations required in the UK after earlier warning employees about possible redundancies.

“We are updating colleagues on our next steps to align our structure with our strategy, and consulting with the London Consultation Forum about roles currently under review, some of these roles may change, while others will remain largely the same,” the bank said in a statement Wednesday.

Citi hopes the overhaul will revive its share price, which has lagged peers, and will give the CEO more direct control over its businesses.

Reuters has reported that cuts will focus on support areas with overlapping teams such as compliance and risk management, and spare profit-making units.

Citigroup will report third quarter earnings on Oct. 13. In the second quarter, net income tumbled 36% to $2.92 billion, beating analyst expectations.

Read the full article here

Featured
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Surveillance Nation: Who Else Has a File on Your Finances?

Burrow June 14, 2025

These Six-Figure Jobs Value Competence, Not Credentials

Make Money June 14, 2025

Inspiring Quotes From Brian Wilson of The Beach Boys

Make Money June 14, 2025

I’ve Stockpiled 3 Years of Food and More. Here Is My Story.

Burrow June 13, 2025

6 Tips for How to Follow up on a Job Application (With Examples)

Make Money June 13, 2025

How a 12-Year-Old’s Side Hustle Makes Nearly $50,000 a Month

Make Money June 13, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Surveillance Nation: Who Else Has a File on Your Finances?

June 14, 20250 Views

These Six-Figure Jobs Value Competence, Not Credentials

June 14, 20250 Views

Inspiring Quotes From Brian Wilson of The Beach Boys

June 14, 20250 Views

Here’s Why You Should Be Wary Of 401(k) Crypto Options

June 13, 20250 Views
Don't Miss

I’ve Stockpiled 3 Years of Food and More. Here Is My Story.

By News RoomJune 13, 2025

Courtesy Photo / Money Talks NewsAdvertising Disclosure: When you buy something by clicking links within…

6 Tips for How to Follow up on a Job Application (With Examples)

June 13, 2025

How a 12-Year-Old’s Side Hustle Makes Nearly $50,000 a Month

June 13, 2025

What’s the Highest Paid Hourly Position at Walmart?

June 13, 2025
About Us
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: [email protected]

Our Picks

Scammers Are Stealing Billions From Elders — And They’re Getting Better At It

June 14, 2025

Surveillance Nation: Who Else Has a File on Your Finances?

June 14, 2025

These Six-Figure Jobs Value Competence, Not Credentials

June 14, 2025
Most Popular

A Deep Dive on the County Level

September 7, 20231 Views

Scammers Are Stealing Billions From Elders — And They’re Getting Better At It

June 14, 20250 Views

Surveillance Nation: Who Else Has a File on Your Finances?

June 14, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Solutions For Real. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.