More than 300 senior executives laid off
Citigroup, one of the major US banks, has announced that it is moving to the next phase of organizational changes as it aligns its structure with a new operating model. Within this framework, the bank has laid off more than 300 senior executives.
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In a statement from Citigroup, it was conveyed that the actions regarding the institution's restructuring involve some difficult decisions, but that these are believed to be the right steps to align the bank's structure with its strategy and ensure it consistently delivers excellence to its clients.
The statement noted that as the bank's organizational structure continues to be aligned with its new, simplified operating model, the next phase of organizational changes has been shared with bank employees.
On the other hand, in a report by Bloomberg on the subject, it was reported that Citigroup Chief Executive Officer (CEO) Jane Fraser laid off more than 300 senior executives as part of the restructuring. According to the report, this number accounts for approximately 10 percent of the bank's employees.
It is stated that these organizational changes will be the largest restructuring for the New York-based bank in the last 20 years.