Citigroup has started operations as part of the next stage of its organizational change plan.
Last Monday, November 20, the mentioned financial institution reported that the implementation of measures to transform the organizational structure has begun to achieve its compliance with the new operating model of the bank, which is simplified compared to the previous concept of the existence of the lender. In an official statement, Citi states that the reorganization actions involve making some difficult decisions, but it is noted that the chosen strategy is correct and helps to ensure a high level of customer service quality.
As part of the implementation of the current concept of the bank’s activities, changes will be made in the management of all units. One of the most notable decisions under these measures is the appointment of Nacho Gutiérrez-Orrantia as the new head of an arm of a financial institution in Europe.
Also, the concept of the reorganization process provides for the adoption of such a difficult decision as the reduction of the workforce. So far, there is no exact information about the scope of the relevant measures, but the bank has already announced that the layoffs will affect thousands of employees. At the same time, the lender clarified that part of the staff will be able to apply for new positions after leaving the current workplace.
The media reports that financial institutions are planning to make final public statements about their structural transformation at the beginning of next year.
Returning to the issue of workforce reduction, it should be noted that there is also information that this process will be extended to staff in the sphere of compliance, risk management, and technology, and employees performing duplicate functions.
In early November, the media reported that managers and consultants who are working on the restructuring of a financial institution announced the planned dismissal of at least 10% of representatives of major Citi businesses. These intentions may change as the bank’s CEO, Jane Fraser, faces increasing pressure to revive a bank that is losing ground to competitors.
As we have reported earlier, Citi Launches Blockchain Solution for Foreign Exchange Trades.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
