Top US Bank Set To Begin Massive Layoffs

The announcement that a leading U.S. bank is set to begin “massive layoffs” is sending shockwaves throughout the financial sector.

The Daily Caller reported that Citigroup will begin serving layoff notices as soon as Wednesday. The move is reportedly part of a “corporate overhaul as the company seeks to trim its operating expenses.”

Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul https://t.co/B5qRSJ1Eia

— CNBC (@CNBC) November 15, 2023

Citigroup administrators announced a second round of layoffs, which will impact higher-level employees such as managing directors and several chiefs of staff, will be rolled out next week, according to CNBC.

A third round of layoffs is expected in February 2024.

A Citigroup statement published by the Daily Caller noted: “We’ve acknowledged the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but they’re the right steps to align our structure to our strategy and deliver the plan we shared at our 2022 Investor Day.”

About the Author: Patriotman

Patriotman currently ekes out a survivalist lifestyle in a suburban northeastern state as best as he can. He has varied experience in political science, public policy, biological sciences, and higher education. Proudly Catholic and an Eagle Scout, he has no military experience and thus offers a relatable perspective for the average suburban prepper who is preparing for troubled times on the horizon with less than ideal teams and in less than ideal locations. Brushbeater Store Page: http://bit.ly/BrushbeaterStore

One Comment

Ed C. November 16, 2023 at 09:09

What she’s really trying to do is make the corporate numbers look good, so she and other top-level executives get their millions in bonuses by the end of the year.