Citi Bank cut off at least ten staff members from its stock research unit and informed the impacted employees early this week.
Citibank fired at least 10 people in its equity research business and informed the affected employees early this week, according to the unnamed sources who asked not to be identified since they were not permitted to speak to the media.
As the bank moves through the final stage of a comprehensive global reorganization, Citigroup Inc. has reportedly let go of at least 10 employees in its Asia Pacific equities research department this week, according to two people with knowledge of the situation.
Citi declined to comment on a statement released by the Wall Street Bank on Monday, stating that it had notified staff that it had completed the “major actions” it had outlined in September of last year to reorganize its structure and boost productivity. Thirteen managerial layers were trimmed to eight by the reorganization. Citi has finalized its new organizational structure with this latest reorganization, which is part of a larger plan to reduce its 239,000 global personnel by 20,000 over the next two years.
According to one of the insiders, Citi is planning to carry out further layoffs this week across all of its Asia-Pacific operations, including investment banking. The overall number of employees in the area that it plans to lay off is not immediately apparent.
The bank’s equities research business saw 20 job cuts in January, in addition to the most recent layoffs.
When Citi reported its fourth-quarter results in January, CEO Jane Fraser stated that the firm had removed 1,500 managerial positions, or 13% of its global leaders. She claimed at the time that the adjustments would result in yearly savings of almost $1 billion.
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