The Strategist

Citi notifies its employees of business reorganization measures

11/22/2023 - 08:09

According to MarketWatch, which cites the credit organization's statement, American bank Citigroup Inc. has informed staff members about "a new layer of changes" within the framework of business reorganization.

Can Pac Swire
Can Pac Swire
Early in November, CNBC reported citing sources that executives at Citi were talking with consultants about cutting at least 10% of staff in a number of important areas.

The bank announced that reports for the fourth quarter of 2023 would be published along with additional information about the changes in January. The bank did not disclosed the number of employees impacted by the changes.

As of September 30, Citi employed 238,000 people, compared to 240,000 as of June 30.

"As we have already recognized, the current measures to reorganize the bank involves a number of difficult decisions with serious consequences, but we believe that we are acting correctly, bringing the structure of the business in line with our strategy and providing a consistently high level of customer service," reads the bank's statement.



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