Citigroup Inc. is axing over 300 senior management posts in a bid to simplify the bank’s structure, with the dismissals announced on Monday.
Most of the departures will happen a few levels below executive management, representing 10% of staff at that hierarchy level.
This staff cuts, set to take place globally next year, are part of CEO Jane Fraser’s strategy to streamline the bank’s managerial structure and expedite decision-making processes within the financial institution.
In its announcement, the company hinted at “a next step of changes,” without directly referencing layoffs.
