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.”
If you’re a non-unionized employee, check out our Citi Canada Layoffs guide.
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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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