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HomeBusinessHere Come the Pink Slips: Citigroup Plans for a 10% Workforce Reduction

Here Come the Pink Slips: Citigroup Plans for a 10% Workforce Reduction

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Flickr Image: Palácio do Planalto

One of the biggest financial firms in the world, Citigroup (C), recently revealed that it will be reducing its personnel by 10%. The choice to make such a large personnel reduction has drawn criticism and discussions about the possible ramifications for the bank as well as the larger financial sector.

According to CNBC’s story on Monday, which cited persons with knowledge of the process, managers and consultants of Citigroup (C.N) involved in CEO Jane Fraser’s reorganization have considered implementing job cuts of at least 10% across many large corporations.

Employees at Citibank are furious after CEO Jane Fraser, who makes $24.5 million a year, called their plans for widespread layoffs “Project Bora Bora.”

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For Citigroup (NYSE:C), Michael Corbat’s failure to address fundamental problems found in several consent orders dating back years has resulted in serious suffering. Jane Fraser took Michael’s post in 2021, and she unveiled her Investor Day plan in early 2022 to address the issues at last.

Her plan calls for significant expenditure to put in place the necessary systems and controls, which has led to a sharp decline in income and ROTCE. A significant halt to buybacks has been imposed because of growing capital constraints.

According to the research, Fraser’s efforts to remove co-heads, regional managers, and other employees with overlapping responsibilities would result in employment losses for executives that go over 10%.

As part of a massive reform that it unveiled in September, the bank has warned of job cutbacks, but it has also stated that it will estimate the number of layoffs and cost savings in the current quarter.

Additionally, Fraser’s plan calls for revenue growth, which, if realized, will contribute to a decrease in the efficiency ratio and an increase in ROTCE. Revenue growth is projected at a 4-5% CAGR in the plan. However, Citi has not been very successful at expanding sales for a while. In 2023, revenues will merely return to their 2011 levels. That is a decade’s worth of revenue increase.

Bloomberg reported that Jane Fraser, the CEO of Citigroup Inc., is considering closing the company’s municipal-bond trading and origination division, which for many years dominated the $4 trillion US state and local debt market.

The impact of these layoffs will be closely monitored by the financial industry and the broader public as Citigroup navigates the challenges and opportunities that lie ahead.

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