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Citigroup is now embarking on a massive layoff in New York.
On the 1st, Citigroup announced in documents submitted to the Department of Labor that it would lay off 430 employees across multiple departments in New York.
According to the documents, the layoffs will target 363 Citibank employees and include employees from the technology and broker-dealer sectors. Also, the recent layoffs are scheduled for June.
Last year, Citibank underwent a comprehensive reform for the first time in decades to simplify the structure and improve performance. It also set a goal to reduce its global workforce by 20,000 over the next two years.
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Jane Fraser, CEO of Citigroup, has already restructured 1,500 executives, which accounts for 13% of the global total in January and has announced that this change would save approximately $1 billion in annual costs.
Furthermore, Citigroup has been striving to improve its lagging profits and stock performance compared to its competitors.
As a result, Citigroup’s stock price has risen nearly 23% since the beginning of the year based on last week’s closing price, outperforming competitors like JPMorgan Chase, Bank of America, and Wells Fargo.
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