Citigroup outlines layoff process, reassignments in overhaul -memo
© Reuters. FILE PHOTO: A traffic light is pictured in front of a Citibank branch in Singapore February 23, 2009. REUTERS/Vivek Prakash/File Photo) has embarked on its biggest reorganization in decades, its managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off, according to a global memo to staff on Wednesday seen by Reuters.
Employees whose jobs are eliminated may be eligible to apply for other positions, and the company will offer severance pay and notice periods where eligible, according to the message. The contents of the memo have not previously been reported.Last month, Citi CEO Jane Fraser announced a sweeping reorganization to simplify the bank's structure after divesting from non-core markets and focusing on profitable areas.
Citi had 240,000 employees at the end of the second quarter. That compares with headcounts of about 216,000 at Bank of America and 234,000 at Wells Fargo, the second and fourth-largest U.S. lenders respectively.
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