Citigroup Inc (NYSE:C) is laying off more than 300 senior managers as part of a restructuring effort from CEO Jane Fraser first announced in September, according to media reports citing a memo sent to staff on Monday and sources familiar with the matter.
According to the memo, specific changes across the business will be communicated by executives on Monday and later posted on an internal site.
“Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model," the bank said in a statement.
"As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
Citigroup last month announced plans to reduce its organization structure from 13 layers to eight and has axed 60 management committees, with more changes set to come that could reportedly see it cut up to 10% of its workforce.
The bank expects to complete its restructuring and subsequent layoffs by the end of March 2024.
Shares of Citigroup added 0.2% at US$45.36 in early trade on Monday.
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