2023-11-20 15:25:47
Citigroup Inc. is cutting more than 300 management positions as part of its moves to simplify the bank’s structure. The layoffs were announced Monday.
Most departures will take place a few levels below executive management. They would represent 10% of workers at this level of the hierarchy.
This workforce reduction, which will take place around the world next year, is part of CEO Jane Fraser’s strategy to simplify the managerial structure and accelerate the decision-making process within the financial institution.
In its communication, the company mentions “a next stage of changes”, without directly mentioning layoffs.
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