A massive bank now eliminates hundreds of job positions accounting for roughly 10% of senior manager roles.
Citigroup Inc. is eliminating more than 300 senior manager roles as part of Chief Executive Officer Jane Fraser’s efforts to simplify the Wall Street giant, reports Bloomberg.
The company started announcing the cuts — which affect staffers two levels below Fraser’s executive management team — on Monday, according to a person familiar with the matter.
“They amount to roughly 10% of the workers at that level, according to the person, who asked not to be identified discussing personnel information.”
“Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model,” the bank said in a statement.
“As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential 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.”
Citigroup last month announced plans to reduce its organization structure from 13 layers to eight and has axed 60 management committees, with more changes set to come that could reportedly see it cut up to 10% of its workforce.
The bank expects to complete its restructuring and subsequent layoffs by the end of March 2024.
Big banks with large trading and investment banking operations “have been struggling throughout 2023 to overcome a dealmaking slump, an uncertain economy, and the impact of higher interest rates from the Federal Reserve,” says Yahoo Finance.
Bonuses in the financial service industry are also expected to be flat or down for the year, according to a third quarter report from Johnson Associates.
Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
Bank of America now loses a customer’s money in the latest scandal after the user made a deposit of $33,000.
Brian Leonard, from Oakland, California, deposited 33,000 with a teller at his local bank but was alarmed when the transaction was never logged.
Leonard claimed that his local branch shut down just hours after he made the deposit that he then could not trace.
He said he transferred $33,000 from his Wells Fargo account to his Bank of America account to pay contractors for a kitchen renovation.
Leonard brought a cashier’s check to the Bank of America teller but thought his deposit was not posted as it did not appear in his account the next day, per ABC affiliate KABC-TV.
“And she said it would post that afternoon or next morning at the latest.”
Leonard claimed he then called the bank but a representative could not help him.
“The woman said that there was no record of the transaction so as far as she was concerned no transaction happened.”
After visiting the branch the next morning, to find it had closed, he visited another local branch that had also shut down.
Leonard claimed that he started to feel worried once he encountered the shuttered banks.
“When I realized the branch was closed and the teller that took my $33,000 cashier’s check is nowhere to be found my heart sank into my stomach.”
Leonard then said he went to a third branch that was open but the manager could not help him due to there being no record of the transaction.
The issue was resolved after Bank of America traced the deposit and issued the $33,000 into his account, but only after contacting the CEO.
Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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