(Bloomberg) -- Citigroup Inc. will start a round of job cuts as soon as Monday as part of its sweeping reorganization, according to a person briefed on the matter.
The cuts will mark the first major wave in Chief Executive Officer Jane Fraser's overhaul aimed at simplifying the sprawling lender and getting rid of five layers of management. The company has said that cuts would begin by the end of this month and continue through the end of the first quarter.
The bank hasn't put a number on the overall layoffs from a revamp that will refocus the firm on five key businesses. Even before the restructuring plan began, Citigroup had racked up about $650 million in severance charges as part of cutting 7,000 positions in the first nine months of this year.
Still, firmwide headcount has actually remained flat for the past four quarters at 240,000 employees. The bank has added technology staffers and other employees to help with its efforts to resolve a pair of consent orders the firm received from regulators.
The Financial Times reported the potential timing of the cuts earlier Friday. A representative for the bank declined to comment.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
