Citigroup CEO faces growth challenge amid overhaul
Sweeping overhaul cuts costs by laying off 5,000 employees
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Sweeping overhaul cuts costs by laying off 5,000 employees
Citigroup is expected to lay off support staff in compliance and risk management, as well as technology staff with overlapping functions, as part of its reorganization efforts. Managers have already started discussions with employees and one-on-one meetings about departures have begun. The bank aims to strip out a layer of management and cut jobs to boost profits and the stock price.
Citigroup's support staff in compliance and risk management, as well as technology staff working on overlapping functions, are at risk of losing their jobs as the bank undergoes a reorganization
As Citigroup embarks on a sweeping reorganization, support staff in compliance and risk management are among the most likely to lose their jobs.
Citigroup Inc (NYSE: C) is reportedly considering job cuts, with insider sources indicating that support personnel in compliance and risk management are particularly vulnerable. Moreover, there's potential for layoffs among technology staff members whose responsibilities overlap.