Citigroup Implements Job Cuts: 10% of Senior Manager Roles Affected

Citigroup, the third-largest bank in the United States, has initiated a new round of job cuts, primarily impacting senior managers. This move is part of a comprehensive reorganization strategy unveiled two months ago by the New York City-based bank.

Approximately 10% of senior manager roles, equivalent to around 300 managers, are affected by these cuts. Citigroup, currently employing around 240,000 individuals, aims to streamline its organizational structure as part of a broader effort to adopt a simplified operating model.

In an official statement, Citigroup stated, "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 acknowledges that these organizational adjustments involve challenging decisions but asserts that they are essential for the firm's strategic realignment.