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Citigroup’s massive restructuring is nearing its end.
According to an anonymous source on the 27th (local time), Citigroup is entering the final stage of a significant global overhaul this week by laying off at least 10 of its hundreds of employees in the Asia-Pacific equity research department.
Since January, this round of layoffs has added 20 more cuts to Citigroup’s equity research department.
Citigroup has informed its employees that it has completed measures announced last September for restructuring and performance improvement.
Citigroup has already reduced its management from 13 to 8 through organizational restructuring. This overhaul is part of a larger goal to reduce 20,000 of its 239,000 global personnel within two years, reaffirming Citigroup’s new structure.
In addition, the source revealed that Citigroup will continue this week to make cuts across all sectors of Asia-Pacific banks, including investment banking. However, the exact number of layoffs in this region is unclear.
When presenting the fourth quarter results, Citigroup CEO Jane Fraser announced in January that she had cut 1,500 managerial positions, accounting for 13% of department leaders worldwide. This is expected to result in annual savings of about $1 billion.
Citigroup’s stock price closed at $61.66, an increase of 0.71%.
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