Citigroup Inc. eliminating more than 300 senior manager roles as part of CEO Jane Fraser’s efforts to simplify Wall Street.
The company began announcing layoffs on Monday, affecting employees two levels below Fraser’s executive management team, according to a person familiar with the matter. They make up about 10 percent of workers at that level, according to the people who asked not to be identified discussing personnel information.
“Today we shared with colleagues the upcoming changes across many businesses and functions, as we continue to adapt Citi’s organizational structure to a new, simplified operating model,” Citigroup said.
According to the bank, workforce reductions will likely continue worldwide into next year. The company has not said how many employees will ultimately be laid off.
Even before the reshuffle plan began, Citigroup had already incurred $650 million in severance costs, as part of cutting 7,000 positions in the first nine months of this year.
The company’s shares fell 0.2 percent to $45.25 Monday morning in New York. (ps/lt)