Citigroup employees prepare for layoffs and management shakeup – sources – Portal

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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Saeed Azhar is a financial journalist at Portal and part of the U.S. banking team covering Wall Street’s largest banks. He focuses on Goldman Sachs and Bank of America and also writes about regional banks. Before moving to New York in July 2022, he led the Middle East finance team from Dubai and also worked in Singapore, where he covered Southeast Asia financing. Contact: +1-3479086341

Tatiana Bautzer is a US banking correspondent for Portal in New York. She previously reported on banks in Brazil and reported on deals by major global corporations, IPOs and bankruptcies. She has also dealt with corruption scandals among Brazilian corporations and business disputes between billionaires. Before joining Portal in 2015, Bautzer worked for the business magazines Exame and Istoe Dinheiro as well as the newspapers Valor Economico and O Estado de S. Paulo. She previously served as an international correspondent for Valor Economico in Washington, DC, covering multilateral institutions and trade. Bautzer has a BA in journalism and an MBA from the University of Sao Paulo. Contact: +646-2397968