Citigroup Layoffs 2024: US-Based Investment Banking Company Announces To Cut 430 Jobs From New York and Florida Offices as Part of 'Re-Organisation Plan'
Citigroup reportedly announced to lay off more employees in its latest layoffs round. According to a report, Citigroup layoffs would affect total 430 employees from different units.
New York, April 2: Citigroup is reportedly planning to lay off 430 employees from various divisions as part of re-organisation. The Citigroup layoffs are said to affect employees in New York and Florida. According to reports, the investment banking company disclosed the layoffs in a filing with the State Department of Labour on April 1, 2024.
As per the report by Reuters, the Citigroup layoffs would affect 363 employees from the primary banking unit (headquarters). The report further highlighted that other workers from the technology and broker-dealer divisions would also be affected. The report mentioned that Citigroup had its biggest sweeping overhaul last week, which was part of an effort to improve overall performance and structure. BYJU’s Layoffs: Embattled Edtech Company Starts Laying Off Hundreds of Employees Without Letting Them Serving Notice Period Amid Cash Crunch.
Reuters said that Citi unveiled the re-organisation initiative in September, reducing the management layers from 13 to eight to cut bureaucracy. Under its re-organisation plan, Citigroup would cut more jobs globally in coming months. The report said that the investment banking company had set goals to cut 20,000 global workforces in the upcoming Citi layoffs rounds in the next two years.
In June, Citigroup would reportedly cut more jobs in its next layoff rounds from unspecified divisions. As per the report, Citigroup CEO Jane Fraser had previously said to cut 1,500 managerial jobs, which included 13% of its worldwide leaders. The Citi layoffs in January 2024 were intended to create $1 billion in annual savings for the firm. Reuters added that the Citi group sought to boost its profits and stock performance. Paytm Layoffs or Appraisal Process? Paytm's Parent Company One97 Communications Dismisses Job Cut Rumours After Report Claims It Asked Employees to Resign.
According to a report by EconoTimes, the next Citigroup layoffs round would be implemented on June 29, 2024. The report also added that the primary goal of Citi's biggest company overhaul was to enhance the company's performance and simplify the structure of management and the organisation. The report said that the Citigroup offices in New York currently employ an estimated 13,270 workers out of which some might be affected.
(The above story first appeared on LatestLY on Apr 02, 2024 05:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).