Citigroup plans to announce a round of big layoffs as part of the new CEO’s restructuring plan- the bank’s biggest job cuts in nearly two decades – that will see thousands of positions eliminated reports the Financial Times.
The restructuring codenamed Bora Bora (after the island that became famous during WW2) is in its early stages people close the plan said. Citi which employs 240,000 workers across the globe has only worked on only 1% of its top down positions so far or around 2400 jobs. It is not clear how many jobs will be cut this time around.
Last month Citi said previous round of job reviews the bank eliminated 200 resulting in 15% of roles and the removal of 60 operating committees. CEO, Jane Fraser who unveiled the restructuring plan in September had previously told staff that the restructuring and subsequent layoff would be completed by March 2024.
On Monday the business department heads will tell their staff about their next roles and which office they will assigned, and those who are not assigned or have a role will be given transition options.
