Citi begins talks with staff regarding layoffs - Reuters

Reuters reported Friday that as Citigroup (NYSE: C) launches its "sweeping reorganization," compliance and risk management support staff are some of the most likely to lose their jobs.

Citing sources, the publication revealed that technology staff currently focused on overlapping functions are also at risk, with managers at the bank said to have already started discussions and one-on-one meetings with employees regarding potential layoffs.

On Wednesday, Citi announced a restructuring plan that will "cut down management layers" and see some workers lose jobs in order to speed up decision-making.

According to Reuters, Citi executives leading revenue-producing businesses held calls on Wednesday, explaining the changes and reassuring their teams.

Citi believes the restructuring will "fully align its management structure with its business strategy and simplify the bank."

"These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all with an eye toward delivering on our medium-term targets and our Transformation," said Citi CEO Jane Fraser.

By Sam Boughedda

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