Citigroup Plans To Lay Off 10% Workforce
When Citigroup CEO Jane Fraser announced in September that her sweeping corporate overhaul would result in an unspecified number of layoffs, many of the bank's 240,000 employees felt a surge of fear.
Employees' concerns are valid. According to people familiar with the process, managers and consultants working on Fraser's reorganisation — known internally as "Project Bora Bora" — have discussed job cuts of at least 10 per cent in several major businesses. The talks are still in their early stages, and numbers may change in the coming weeks.
According to CNBC, the reorganisation is known internally as "Project Bora Bora" and is intended to give Fraser more direct control as she seeks to simplify the Wall Street behemoth and boost its stock price. The discussions are in their early stages, and the number of people laid off may change, according to CNBC, which added that the lender had hired Boston Consulting Group for the plan.
According to the report, Fraser's push to eliminate regional managers, co-heads, and others with overlapping roles will result in job cuts of more than 10 per cent for executives.
Citi announced last month that it would reduce its management layers from 13 to eight. According to the report, 15 per cent of functional roles in the top two layers of leadership were reduced, and 60 committees were eliminated. The bank's global headcount has remained at 240,000 this year, according to the latest quarterly supplement released last month.
