Citigroup axes more staff as part of cost-cutting plan
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Citigroup set out an aim in 2024 to reduce jobs by 20,000 by end 2026.
PHOTO: BLOOMBERG
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NEW YORK – Citigroup eliminated more jobs this week after going through an overhaul last year, as part of a sweeping reorganisation under chief executive officer Jane Fraser to curb costs.
Managing directors in the wealth business and technology unit are leaving, according to people familiar with the matter. The firm is also cutting a team that compiles data and analysis on Citigroup’s clients, one of the people said, asking not to be named.
The global bank is trying to streamline operations and lift profits to compete more closely with rivals, with an aim set out last year to reduce jobs by 20,000 by end 2026.
Cost savings will partly be channelled into investing in areas such as data quality and regulatory controls, Ms Fraser said on Jan 15.
Senior departures include Mr Shadman Zafar, Dallas-based co-chief information officer, who is retiring, according to one of the people.
In Wealth at Work, a unit that caters to individuals at professional-services firms, several managing directors were cut as part of a broader restructuring of the team.
“Leadership changes, retirements and targeted staff changes are all normal course when running a business,” Citigroup said in an e-mailed statement.
Headcount was 229,000 as of the end of the fourth quarter, down by 10,000 from a year earlier.
On Jan 15, the bank’s shares jumped after the company announced US$20 billion (S$27 billion) in share buybacks, even after executives rolled back a key target for profitability. BLOOMBERG
