Citigroup outlines process for layoffs, reassignments in memo
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Citigroup managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off during its biggest reorganization in decades, according to a global memo to staff on Wednesday seen by Reuters.
«Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated,» Sara Wechter, the bank's chief human resources officer, wrote in the memo. «This next layer of change is scheduled to be announced in November.»
Employees whose jobs are eliminated may be eligible to apply for other positions, and the company will offer severance pay and notice periods where eligible, according to the message. The contents of the memo have not previously been reported.
Citi declined to comment on the global memo.
CITIGROUP REORGANIZES BUSINESS MODEL TO STREAMLINE OPERATIONS
Citigroup managers are reviewing staff rosters amid a restructuring with layoffs expected to be announced in November. ( Photographer Benjamin Girette/Bloomberg via Getty Images / Getty Images)
Last month, Citi CEO Jane Fraser announced a sweeping reorganization to simplify the bank's structure after divesting from non-core markets and focusing on profitable areas. Fraser's memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients.
«We'll be saying goodbye to some very talented and hard-working colleagues,» Fraser wrote at the time.
Citi had 240,000 employees at the end of the second quarter. That compares with headcounts of about 216,000 at Bank of America and 234,000 at Wells Fargo, the second and fourth-largest U.S. lenders
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