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Citigroup Inc., or Citi, is set to axe hundreds of staff members as part of its reorganization program. The investment banking company said that New York and Florida employees are the most affected by the latest round of layoffs.
According to Reuters, Citigroup will terminate 430 employees in various divisions in its New York office. The bank disclosed this through its filings with the State Department of Labor on Monday, April 1. A total of 363 workers will come from its headquarters, and others will be from the technology and broker units.
Citi’s Biggest Company Overhaul
Under its restructuring initiative, Citigroup will slash more jobs. The plan is to cut about 20,000 roles globally over the next two years. It was reported that the recent reorganization is the biggest the company has had in decades.
The primary goal for the major overhaul is to enhance performance and simplify Citi’s organizational and management structure. The restructuring was first announced in September of last year, and it has successfully reduced its management layers from 13 down to just eight. The simplification is also part of an effort to stop and prevent bureaucracy.
Schedule of the Layoffs
As indicated in the filings, Citigroup is set to implement the new round of layoffs on June 29. This follows the company’s job reduction in January when 1,500 managerial job posts were cut worldwide. At that time, the company said the cuts would allow the company to save around $1 billion per year.
Meanwhile, Quartz reported that Citi said the new layoffs across multiple departments in New York and Florida offices are for “economic” reasons. The bank’s NY-based offices have an estimated 13,270 workers total.
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