Close Menu
    Facebook X (Twitter) Instagram
    • Our Story
    • Partner with us
    • Reach Us
    • Career
    Subscribe Newsletter
    HR KathaHR Katha
    • Exclusive
      • Exclusive Features
      • Research
      • Point Of View
      • Case In Point
      • Dialogue
      • Movement
      • Profile
      • Beyond Work
      • Rising Star
      • By Invitation
    • News
      • Global HR News
      • Compensation & Benefits
      • Diversity
      • Events
      • Gen Y
      • Hiring & Firing
      • HR & Labour Laws
      • Learning & Development
      • Merger & Acquisition
      • Performance Management & Productivity
      • Talent Management
      • Tools & Technology
      • Work-Life Balance
    • Special
      • Cover Story
      • Editorial
      • HR Forecast 2024
      • HR Forecast 2023
      • HR Forecast 2022
      • HR Forecast 2021
      • HR Forecast 2020
      • HR Forecast 2019
      • New Age Learning
      • Coaching and Training
      • Learn-Engage-Transform
    • Magazine
    • Reports
      • Whitepaper
        • HR Forecast 2024 e-mag
        • Future-proofing Manufacturing Through Digital Transformation
        • Employee Healthcare & Wellness Benefits: A Guide for Indian MSMEs
        • Build a Future Ready Organisation For The Road Ahead
        • Employee Experience Strategy
        • HRKatha 2019 Forecast
        • Decoding and Driving Employee Engagement
        • One Platform, Infinite Possibilities
      • Survey Reports
        • Happiness at Work
        • Upskilling for Jobs of the Future
        • The Labour Code 2020
    • Conferences
      • HRKatha Futurecast
      • Automation.NXT
      • The Great HR Debate
    • HR Jobs
    WhatsApp LinkedIn X (Twitter) Facebook Instagram
    HR KathaHR Katha
    Home»News»Citigroup’s restructuring could cause job losses
    News

    Citigroup’s restructuring could cause job losses

    HRK News BureauBy HRK News BureauSeptember 18, 20232 Mins Read5211 Views
    Share LinkedIn Twitter Facebook
    Citibank 20000 layoffs
    Share
    LinkedIn Twitter Facebook

    Citigroup is taking measures on a substantial restructuring exercise, and  employees working in compliance and risk management support roles are more likely to be under threat of job loss. Additionally, there is potential vulnerability among technology personnel engaged in functions that overlap.

    According to sources, Citigroup is currently in discussions with employees about possible job cuts, with one-on-one meetings already underway. This comes after the bank’s announcement to restructure its management and reduce its workforce, marking the most significant reorganisation in almost 20 years, all in an effort to boost profitability and stock value.

    As per the reports, a meeting was conducted on  13 September 2023, to elucidate the changes and reassure their teams that the restructuring would minimise bureaucracy and prioritise activities that contribute to profitability. The meeting was conducted by the executives overseeing revenue-generating sectors.

    Moreover, the company is actively working to resolve a regulatory consent order from 2020, which requires them to address a number of longstanding issues with its internal controls. In their statement on  13 September 2023, the company emphasised that the restructuring of their organisation is a key step in advancing Citigroup’s primary goal, which is to achieve their transformation objectives.

    In the newly reorganised setup, the CEOs of Citi’s five major businesses will have a direct reporting line to the CEO. Additionally, the bank plans to reduce leadership roles in regions outside of North America. 

    In recent years, Citigroup has made substantial investments in technology systems to bolster risk management and compliance in response to the consent order. Nevertheless, the company still maintains a considerable workforce with overlapping responsibilities and redundant technological infrastructure, as mentioned by another source.

    Citigroup job losses management Restructuring
    Share. LinkedIn Twitter Facebook
    HRK News Bureau

    Leave A Reply Cancel Reply

    ten − nine =

    Related Posts

    No right to retrospective promotion without DPC initiation: J&K HC

    May 14, 2025

    Burberry plans to cut 1,700 jobs

    May 14, 2025

    Cancer-stricken employee fired after being denied remote work

    May 14, 2025

    Burger King employee raises privacy concerns over personal camera in break room

    May 14, 2025
    EDITOR'S PICKS

    Red flags in job applications: What candidates miss but recruiters spot

    May 14, 2025

    Managing Gen Z in the workplace: Listening to what isn’t said

    May 13, 2025

    People-first approach: Not a nicety but a necessity

    May 13, 2025

    A Nordic food giant’s HR strategy balances culture & coherence

    May 13, 2025
    Latest Post

    No right to retrospective promotion without DPC initiation: J&K HC

    News May 14, 2025

    The High Court of Jammu & Kashmir and Ladakh has clarified that government employees cannot…

    Burberry plans to cut 1,700 jobs

    News May 14, 2025

    Luxury fashion house, Burberry is gearing to cut about 1,700 jobs globally as part of…

    Cancer-stricken employee fired after being denied remote work

    News May 14, 2025

    A disturbing account has emerged on Reddit detailing how a US health-insurance company allegedly mistreated…

    Burger King employee raises privacy concerns over personal camera in break room

    News May 14, 2025

    A Reddit post from an employee at a Burger King in Illinois has triggered fresh…

    Asia's No.1 HR Platform

    Facebook X (Twitter) Instagram LinkedIn WhatsApp Bluesky
    • Our Story
    • Partner with us
    • Career
    • Reach Us
    • Exclusive Features
    • Cover Story
    • Editorial
    • Dive into the Future of Work: Download HRForecast 2024 Now!
    © 2025 HRKatha.com
    • Disclaimer
    • Refunds & Cancellation Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.