Citigroup Beginning Layoffs, Part of CEO’s Corporate Overhaul
A variety of jobs are on the chopping block at Citigroup as the bank streamlines its business.
According to news outlets, including CNBC, the company plans to begin laying off staff on Nov. 15. New dismissals are expected to be announced daily through early next week.
People with knowledge of the situation claim that the initial cuts will affect chiefs of staff, managing directors, and some lower level employees. By February, more rank-and-file positions will be impacted.
The move comes roughly two months after Citigroup announced in a news release that it was taking steps to simplify its operating model.
“I am determined that our bank will deliver to our full potential, and we’re making bold decisions to meet our commitments to all our stakeholders,” CEO Jane Fraser said in the Sept. 13 release.
“These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all with an eye toward delivering on our medium-term targets and our transformation.”
Reports claim that Fraser expects the “final changes” to be complete by the end of March 2024.
Impact on Canadian staff
It remains unclear if Canadian workers will be affected by the layoffs at Citigroup.
According to Citi Canada’s website, the company employs approximately 1,700 people across the country — with offices in Toronto, Mississauga, Montreal, Calgary, and Vancouver.
If you’re a non-unionized employee, check out our Citi Layoffs guide.
You can also use our free Pocket Employment Lawyer tool for real-time insights.
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About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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