Citigroup plans ‘thousands of staffing cuts’ and senior management overhaul

Citigroup is reportedly planning job cuts that could impact thousands of staff members as well as an overhaul of senior management.

The bank plans to announce the layoffs and management changes to staff via email on Monday, sources told Reuters.

In September, Citigroup chief executive Jane Fraser oversaw what she described as the biggest overhaul at the bank in almost two decades as it looks to streamline its operations. This included stripping out a layer of top management, taking more control of key businesses, and cutting regional roles outside of the US.

At the time, the bank had already signalled plans to exit 13 markets worldwide and list its Mexican consumer unit Banamex.

Not long after, following major staffing cuts in a number of regions, a memo seen by Reuters suggested that hundreds of jobs could be impacted by a sweeping reorganisation of Citi’s UK operations.

The bank currently hires around 16,000 staff in the country.

The memo said that Citi is moving into phase two of its plans to rationalise its banking structure, with the bank setting up a consultation process – required by UK law when organisations plan to make more than 20 redundancies – where employees can give feedback on an individual basis.

Citigroup's latest cull comes amidst a wave of job cuts across the financial services industry.

Around two months ago it was reported that Barclays, as part of a wider review of its strategy, was in the process of drawing up plans to cut hundreds of jobs to cut costs.

At the time, one source told Reuters that as many as 400 jobs could be cut from Barclays’ domestic retail business, while another said that an as-yet undetermined number of investment bankers could be cut.

In August, the news agency revealed that UBS had plans to cull around 3,000 jobs in the coming years as part of its intent to drive down costs by more than $10 billion following its takeover of rival Credit Suisse.

In an internal memo seen by the organisation, UBS group chief executive Sergio Ermotti told employees the job cuts would occur within its operations in its native Switzerland as it completes integration of Credit Suisse.

Citigroup declined to comment on the reports.

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