Citi cuts another 2,000 jobs, severance costs at $650 million
reported that Citi is also planning to trim 30 investment banking jobs and 20 corporate ones at its London unit to deal with adverse market conditions,. The company is aiming to reduce its cost base to deal with current market conditions.
The group is also dismantling its global team that provides commentary and analysis on foreign-exchange markets, reported Bloomberg quoting sources. The recent round of shutting arms and cutting workforce has lead to departures in both London and New York as well as its Latin America corporate bond trading team, according to a Bloomberg's previous report.
Earlier sources had indicated that as Citigroup starts its reorganisation, support staff in compliance and risk management are among the most likely to lose their jobs, Reuters reported. They added that Citi managers are already convening discussions with employees about potential layoffs,; and one-on-one meetings about departures were also starting.
This comes after the announcement for overhaul. The Reuters report added that CEO Jane Fraser, who called the reorganisation -- Citi's biggest in almost two decades -- will gain more direct control over its businesses in an effort to boost profits and the stock price.
The bank is still dealing with a 2020 consent order by regulators demanding it fix several "longstanding deficiencies" in its internal controls. "Simplifying the organization will also advance the execution of Citi's transformation, the firm's top priority," the company said in a statement."Exciting news! Mint is now on WhatsApp Channels
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