Citigroup to eliminate management roles, cut other jobs

Citigroup will eliminate multiple management positions and cut jobs as the bank seeks to streamline its operations.

In a press release posted Wednesday, Citi said that the reorganization will give CEO Jane Fraser more direct control as she attempts to improve the company’s stock. As part of the changes, the heads of the bank’s five divisions will report directly to Fraser. Citi will also slash regional leadership roles throughout the bank.

“We have taken hard, consequential, tough decisions here,” Fraser told investor on Wednesday. “They are not going to be universally popular within our bank. It’s going to make some of our people very uncomfortable. I am absolutely fine with that… it is absolutely the right thing to do for our shareholders.”

Major layoffs continue

The latest round of job cuts at Citi Canada comes amid a flurry of layoffs in 2023.

Major North American companies, including Volvo, Wells Fargo, Roku, RBC, Dell, Telus, Amazon, Microsoft, and Meta, are significantly scaling back their staffing levels as they continue to navigate challenging economic conditions.

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Termination agreements for Citi Canada employees

In Canada, non-unionized employees at the bank are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

LEARN MORE
• Rights to severance for federally regulated employees
• Severance entitlements during mass layoffs
• Severance packages in a recession

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper severance if it falls short of what you are actually owed.

If you don’t receive the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.

In some cases, employers pressure staff into accepting poor severance packages, such as imposing a deadline for accepting the offer.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue a claim for full severance pay.