As a part of a broader restructuring initiative, Citigroup has revealed its decision to trim up to 168 positions. The decision will affect its workforce at the Dublin office, situated on North Wall Quay.
Presently, approximately 3,000 individuals are employed by Citigroup in Ireland.
This move is part of its aim to slash 20,000 jobs, equivalent to eight per cent of its total workforce, over the next two years.
Despite the impending job reductions, the company has previously outlined its intentions to expand its commercial banking activities within the country. Furthermore, Citigroup is gearing up to relocate to a new office in the capital by 2026. This upcoming move will see the company shift to Waterfront South Central.
Citigroup, recently announced its decision to trim a minimum of 20,000 positions over the next two years following its report of the worst quarter in 14 years. Mark Mason, the chief financial officer, revealed plans to reduce the global workforce from 2,39,000, as part of a significant reorganisation.
Citigroup is readying to spin off and list its Mexican consumer unit, Banamex, in an initial public offering. When it does, however, it will have 40,000 less jobs. The bank reportedly aims to eventually stabilise its workforce at around 1,80,000 employees.
Expectations for further organisational changes were hinted at, with CEO Jane Fraser suggesting that efforts to streamline operations would yield savings of $1 billion, accompanied by the elimination of roughly 5,000 managerial roles.
Citigroup estimates that the restructuring efforts may incur costs of up to $1.8 billion but anticipates annual savings of $2.5 billion by 2026.
