https://www.bizjournals.com/southflorida/news/2024/03/30/citigroup-layoffs-florida.html
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https://www.bankingdive.com/news/citi-lay-off-430-new-york-nyc-warn-technology-media-telecom/711954/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202024-04-02%20Banking%20Dive%20%5Bissue:60573%5D&utm_term=Banking%20Dive
To the person that posted about DEI. These layoffs are business decisions, not DEI decisions!
Lousy article no info on the Tampa based cuts. Fortunately I can report they weren’t very deep.
Despicable short game strategy by Jane and her DEI army
I would not think final, more like the beginning.
Citigroup completed a major overhaul of its global organization with a final round of layoffs this week, including at its massive campus in Tampa.
The multiphase restructuring announced in September 2023 initially eliminated several management layers that New York-based bank's (NYSE: C) CEO Jane Fraser said added needless bureaucracy and complexity to the bank, but later phases have resulted in more sweeping layoffs.
The latest and final phase affected the largest number of employees, Fraser said in an internal memo viewed by the Tampa Bay Business Journal.
“Some will take on new roles. Others will move to new teams. We also will say goodbye to more colleagues,” Fraser said in the memo.
Citigroup CEO Jane Fraser said the restructuring would cut "the bureaucratic processes and needless complexity that get in the way" of performance.
Bloomberg
A spokesperson for Citi declined to comment on the total number of layoffs and management-level positions eliminated in Tampa, the second-largest location outside the bank’s New York headquarters.
In a January earnings call, Fraser said 5,000 management-level roles had been eliminated and that Citi would cut 20,000 employees across the business in total, or roughly 20% of its workforce.
The final round of layoffs was announced to employees on Monday and concluded on Thursday. Fraser said the restructuring would save the bank as much as $2.5 billion in total.
Citi’s Tampa location had roughly 10,000 employees at its height. Employees across more than two dozen business lines report to the Tampa campus, including security services, private banking, technology, human resources, legal support and other operations.
In early 2023, the bank completed a $60 million transformation of its presence in Tampa into a modern corporate campus.
Citi is the fourth-largest bank by deposits in Miami-Dade, Broward and Palm Beach counties, with $25.61 billion in local deposits, 52 locations and a 7.67% market share.