- ORIGINAL NEWS
Citigroup is cutting 10% of its workforce in CEO Jane Fraser’s corporate overhaul
- SUMMARY
Citigroup announced plans to lay off 20,000 employees, approximately 10% of its workforce, in an effort to improve the bank’s financial performance and boost its stock price.
The layoffs are part of a restructuring effort known internally as ‘Project Bora Bora’ led by CEO Jane Fraser.
The process of eliminating these positions will take place over the medium term, which can range from three to five years.
These job cuts aim to reduce the company’s operating costs and streamline its operations.
The bank had around 200,000 employees at the end of 2023, not including its Mexican operations which are in the process of being separated.
The bank indicated that the number of job cuts could be slightly lower if they can utilize internal resources instead of outsourcing certain functions.
This news is still developing and more information may be released in the future.
- NEWS SENTIMENT CHECK
- Overall sentiment:
negative
Positive
Negative
“Citigroup said it was cutting 10% of its workforce in a bid to help boost the embattled bank’s results and stock price.”
“About 20,000 employees will be let go over the “medium term,” Citigroup said in a slideshow.”