Citigroup CEO Warns of Upcoming Job Cuts in Memo to Staff
SOURCENews reportView the filing ↗
What we know
Location: New York, NY, USA.
Based on news reporting.
Summary
Citigroup CEO Jane Fraser has issued a memo to staff indicating that job cuts are on the horizon as part of a push to enhance performance standards within the company. While specific numbers of layoffs have not been disclosed, the memo emphasizes a shift in expectations, stating that employees are not graded on effort alone. The announcement reflects Citigroup's ongoing efforts to streamline operations and improve efficiency amidst a challenging economic landscape. Further details regarding the timing and scale of the layoffs are yet to be clarified.
LayoffTalk has tracked 30 layoff events at Citibank since January 2023, including 1,259 jobs documented in official WARN filings, with 23 additional events known from news reporting.
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