Citigroup is soon set to commence layoffs as part of CEO Jane Fraser's corporate restructuring, according to CNBC. Starting Wednesday, the company will begin informing workers who will be affected by the job cuts, with the dismissals expected to be announced throughout the early part of next week. People with knowledge of the situation have stated that the layoffs will include chiefs of staff, managing directors, as well as some lower level employees.
Citigroup will soon commence layoffs initiated by CEO Jane Fraser as part of her corporate overhaul, CNBC has learned. Beginning Wednesday, affected personnel will be informed of their respective dismissals on a daily basis through early next week, according to those with knowledge of the situation. Those let go include directors, chiefs of staff and some lower-level employees. Fraser's timeline, outlined in a September 13 memo, called for completion of the fallout by the end of November, with final changes due by the conclusion of March 2024.
The bank's stock has been declining while personnel costs and numbers have climbed in recent years, yielding heightened pressure on Fraser to improve Citigroup's performance. Rendering severance pay where applicable, the human resources department informed employees last month that they can apply for other roles within the company. According to sources, the "Project Bora Bora" code name indicates that approximately 10% of employees in certain divisions may be let go, a detail CNBC reported last week.
Internal chat forums have stirred with inquiries from workers as managers and consultants determine who they will retain and who will be let go. The Citigroup spokeswoman refused to comment beyond the previous statement that "difficult, consequential decisions" need to be taken to produce results.
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