According to five people with knowledge of the situation, employees at Citigroup (C.N.) anticipate hearing about senior management changes and layoffs on Monday as part of the bank’s most significant reorganization in decades.
A person with knowledge of the matter who wished to remain anonymous said that the job losses may impact thousands of employees. According to the insider, executives will probably use email to disclose changes in senior management.
According to an unnamed person with firsthand knowledge of the situation, verbal communication about the preparations for Monday’s revelations took place in meetings. According to the source, some employees could be able to apply for different positions at the bank.
Citigroup opted not to respond. Citi stated last month that it would reduce its management layers from thirteen to eight as part of its most significant change in decades. Citi stated in its third-quarter earnings presentation that it has removed 60 committees and cut 15% of functional responsibilities in the top two tiers of leadership.
According to a September Reuters story, employees who work on overlapping tasks in technology and compliance and risk management support may lose their jobs. Starting conversations with different divisions or departments may offer you new career options or positions that fit your area of expertise.
Encourage emotional fortitude when things are unclear. To manage stress and preserve productivity, look for help through professional development programs or counseling the business provides.
In conclusion, Citigroup’s management transition offers its staff members chances and difficulties. Through proactive communication, skill development, networking, and emotional fortitude, people can successfully negotiate these shifts and set themselves up for success in an ever-changing environment.
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