Citigroup's Overhaul: Layoffs, Reassignments, and Global Review
Citigroup managers are reviewing staff rosters to determine who will stay, be reassigned, or laid off as part of the bank's major reorganization. The next layer of change is scheduled to be announced in November. Employees whose jobs are eliminated may be eligible to apply for other positions, and the company will offer severance pay and notice periods where eligible. Last month, Citigroup CEO Jane Fraser announced a sweeping reorganization to simplify the bank's structure. The bank is also beginning consultations in the UK regarding possible redundancies. Citigroup hopes the overhaul will revive its share price and give the CEO more direct control over its businesses.