Major changes are on the horizon at Citigroup Inc. (NYSE:C), as employees prepare for an extensive restructuring that includes significant layoffs and a senior management reshuffle, expected to be announced on Monday.
What Happened: Reuters reported that the anticipated restructuring at Citigroup marks the most extensive reorganization of the banking giant in recent memory. Informed sources suggest that the changes could impact thousands of employees, with announcements likely to be made via email. The news of the impending announcements was reportedly shared verbally during meetings.
Employees impacted by the layoffs may have a chance to take on different roles within the bank. However, support staff working in compliance and risk management, as well as technology staff who handle overlapping tasks, are expected to be particularly affected. These restructuring plans follow Citi’s announcement last month of its intention to decrease management layers from 13 to eight.
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