Citibank Has Started Mass Layoffs: Report ~ November 17, 2023

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itigroup began layoffs on Wednesday as part of a massive reorganization that will cut a large swath of its workforce, CNBC reported Wednesday.

Managers started informing employees on Wednesday and will continue to make cuts every day into next week, people familiar with the matter told the outlet.

A Citi spokesperson declined to comment beyond a statement already provided to The Messenger last week regarding the reorganization: “We’ve acknowledged the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but they’re the right steps to align our structure to our strategy and deliver the plan we shared at our 2022 Investor Day.”

Citi will provide more insight into its reorganizations plans when it releases its fourth-quarter earnings in January, Citi spokeswoman Danielle Romero-Apsilos previously told The Messenger.

Under the leadership of CEO Jane Fraser, the third-largest bank in the U.S. is embarking on its biggest corporate overhaul in nearly two decades, splitting the bank into five interconnected business units, with the heads of each business reporting directly to Fraser, she announced in a September memo.

“The case for change is pretty clear: Our people want to succeed and our highest performers get behind this very quickly,” Fraser said in an interview with CNBC last month. “We don’t have room for bystanders. We don’t have room for people who want to stand on the sidelines.”

The bank’s Personal Banking & Wealth Management and Institutional Clients Group, and its regional layers, will be eliminated in the reorganization, the company previously said.

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Since announcing the plans in September, Fraser has repeatedly suggested that there will be layoffs as part of the changes. “We’ll be saying goodbye to some very talented and hardworking colleagues,” she said at the time of the announcement in a memo to staff obtained by CNBC.

Last week, CNBC reported that the reorganization, known internally as “Project Bora Bora,” could result in job cuts totaling more than 10% of its approximately 240,000 employees worldwide.

Sara Wechter, the bank’s chief human resources officer, wrote in a memo to staff last month that some roles will change, be created or eliminated, and that “this layer of change is scheduled to be announced in November.”

According to that memo, employees whose roles are eliminated may be able to apply for other positions, and the company will provide severance pay and notice where possible.