Citigroup is getting ready for another round of layoffs in March, continuing a personnel reduction initiative that has already resulted in the elimination of roughly 1,000 positions earlier this month. According to media reports, the proposed layoffs will be made public following the payment of yearly bonuses. Let’s explore the core reasons behind the layoffs.The Main Objectives behind Citigroup’s LayoffsThe bank’s continuous efforts to reduce expenses, streamline operations, and restructure its business under a multi-year turnaround plan include the layoffs. Managing directors and other senior staff from several business areas are anticipated to be impacted by the March layoffs, according to Reuters. Some senior managers have already been moved to other departments in an attempt to find positions before the headcount cut.Several senior employees were also affected by the job cuts that were revealed earlier this month. The most recent layoffs coincide with Citigroup’s ongoing extensive reorganisation under CEO Jane Fraser. The goal of the reorganisation is to reduce expenses, address long-standing regulatory concerns, and boost profitability in order to catch up to important competitors. As part of its continuous transformation, Citigroup said in a statement that it intends to keep cutting staff in 2026.These modifications are a result of… Read MoreStartupTalky- Business News, Insights and Stories
