According to, Citigroup will soon start making layoffs as part of CEO Jane Fraser’s corporate reorganization.
People with knowledge of the situation said that starting on Wednesday, affected employees will receive notifications about the cuts, and new dismissals will be announced every day until early next week.
Chiefs of staff, managing directors, and a few lower-level staff members will be affected, according to the sources. By February, they said, more rank-and-file employees will be affected by the cuts.
The relocation adheres to the schedule Fraser set in a memo dated September 13. A few senior executives left when she announced the creation of five new divisions, all of whose heads report directly to her. Fraser stated at the time that “final changes” will be completed by the end of March 2024, and the next phase of disruption will be “communicated and implemented by the end of November.”
Fraser is under pressure to turn things around at Citigroup, which has seen a decline in stock due to rising headcount and expenses in recent years. The CEO, who assumed the role in March 2021, is in a critical position because investors have serious doubts about the bank’s ability to meet the performance goals she set forth the previous year.
The company’s human resources chief informed workers last month that those who have lost their jobs may be able to apply for other positions and that Citigroup will provide severance pay where appropriate.
Although the exact number of jobs being cut is still unknown, last week revealed that managers and consultants working on the project, internally dubbed “Project Bora Bora,” have talked about firing at least 10% of employees in a number of companies.
According to one of the people, managers are currently choosing which employees to keep on board and which ones to let go of after creating new organizational charts for Citigroup.
Concerning personnel matters, employees have taken to internal chat platforms in droves, according to people who spoke about the upcoming cuts but asked not to be named.
A representative for Citigroup declined to comment on Wednesday other than the statement it had previously provided:
“We’ve acknowledged that the steps we’re taking to reorganize the firm involve some tough, important decisions, but they’re the right steps to deliver the plan we shared at our 2022 Investor Day and align our structure to our strategy.”
