Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul
Publishing timestamp: 2023-11-15 10:01:31
Summary
Citigroup is set to begin layoffs as part of CEO Jane Fraser's corporate overhaul. The layoffs will be announced daily through early next week and will affect chiefs of staff, managing directors, and some lower-level employees. The cuts are expected to spread to more rank-and-file staff by February. The move aligns with Fraser's timeline set in a memo in September. The CEO is under pressure to improve Citigroup's performance as the bank has been facing a stock slump and increasing expenses. The full extent of the job cuts is still being determined, but discussions have been held about dismissing at least 10% of workers in several businesses. Employees who lose their roles may have the opportunity to apply for other positions, and severance pay will be offered where eligible.
Sentiment: NEGATIVE
Tickers: C,
Keywords: personnel, banks, investment strategy, breaking news: investing, breaking news: markets, layoffs, business, citigroup inc, breaking news: business, labor economy, business news,
Source: https://www.cnbc.com/2023/11/15/citigroup-layoffs-begin-in-jane-fraser-overhaul.html