Citigroup Inc. is eliminating more than 300 senior manager roles as part of CEO Jane Fraser’s efforts to simplify the Wall Street giant.
On Monday, the company began announcing cuts — which affect those employees below Fraser’s executive management team at two levels, according to a person familiar with the matter. They made up about 10% of employees at that level, according to the person who told employees not to be identified for discussing the information.
“Today we shared with our colleagues the next level of change across many of our businesses and functions as we align Citi’s organizational structure with our new, simplified operating model,” Citigroup said in a statement, which did not disclose the cuts involved. “As we acknowledge, the steps we are taking to restructure the firm involve some difficult, productive decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
The job cuts, which the bank said could continue around the world next year, are part of Fraser’s strategy to eliminate management layers and get rid of co-head structures to speed up decision-making across the bank. The company did not put a number on how many employees may ultimately be laid off.
