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Citigroup (NYSE:C) is set to announce on Monday the first big round of layoffs and job assignments as part of its corporate overhaul, the Financial Times reported Friday, citing people familiar with the matter.
The bank’s massive restructuring, code-named “Project Bora Bora,” will eventually result in tens of thousands of eliminated positions, the people told the FT. At the end of Q3 2023, Citi (C) had 240K employees, up from 238K a year before.
The planned move comes after the company in September said it’s cutting management layers to speed up decision-making, increase accountability, and bolster its focus on clients. CEO Jane Fraser’s plan to revamp Citi’s (C) corporate structure is a process that’s in its early stages.
CNBC reported last week that the restructuring is contemplating layoffs of at least 10% in several major businesses.
Still, the bank has only reviewed some 1% of its positions, so it’s unclear how many jobs will be axed in this round, the people said, the FT reported. Heads of different business segments on Monday are expected to announce who will be the next layers of leadership.