Citi set to initiate massive layoffs next week: report
Citigroup is expected to announce the first round of layoffs and job changes as part of a massive restructuring on Monday, The Financial Times reported on its website.
The restructuring could eventually lead to the elimination of thousands of jobs at the Wall Street firm, the newspaper said.
Citigroup chief executive Jane Fraser. Bloomberg
The restructuring is codenamed Project Bora Bora, and is in its early stages, the FT also reported.
Citi tipped the plan changes more than a year ago, in mid-September and mid-October as part of an effort to simplify the bank’s organisational structure.
“When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders,” Citi CEO Jane Fraser said in a statement on October 13 when the company released its third-quarter results.
Citi had net income for the third quarter 2023 of $US3.5 billion, or $US1.63 per diluted share, on revenues of $US20.1 billion.
Ms Fraser spoke about the pending transformation of the bank at its 2022 Investor Day, saying the objective was to build “a modern, simpler and more efficient bank”.
In addition, she said: “We’re on a deliberate path. We’re executing against a focused strategy.”
“Our path in these early days isn’t going to be a linear one. Our transformation is a significant undertaking, and it’s one that requires meaningful resources and investment.”
She concluded her early March 2022 presentation saying: “We know there is a clear-cut case for change at Citi. I hope you’ve seen, we’re acting on it, positioning our firm’s long-term future and tackling the issues that have held us back, head on. It is going to take time, but I’m fully committed to doing the hard work to get this bank to
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