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Citigroup employees expect management reshuffle, layoffs on Monday-sources
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By Saeed Azhar, Svea Herbst-Bayliss and Tatiana Bautzer
NEW YORK (Reuters) — Citigroup employees expect further announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganization, according to four people familiar with the situation.
Citigroup declined to comment.
The Financial Times reported the news earlier.
Last month, the bank announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. In the two top layers of leadership, Citi reduced 15% of functional roles and eliminated 60 committees, it said in its third quarter earnings presentation.
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