Citigroup's CEO confirmed that the bank had cut about 7,000 jobs more than the 5,000 it had planned to. The bank reportedly has plans to axe 20,000 jobs over the next two years.
SINGAPORE: The ongoing restructuring efforts by US banking giant Citigroup have left employees in its Singapore branch reeling from repeated rounds of layoffs. Since the announcement of a major reorganization in September last year, Citigroup Singapore has witnessed three rounds of job cuts within six months, leaving a trail of uncertainty and plunging morale among its workforce.
According to Mark, the layoffs were extensive, affecting most of the retail banking staff. Those who retained their positions faced significant changes in their job roles and increased workloads. His team, which originally had over ten members, saw a 40% reduction, leaving the remaining employees struggling to cope with the additional responsibilities.
Citigroup’s CEO, Jane Fraser, confirmed in April that the bank had cut about 7,000 jobs globally, surpassing the initial estimate of 5,000. A report from January indicated that Citibank plans to eliminate 20,000 jobs over the next two years, aiming to save US$2.5 billion in long-term costs. The uncertainty is causing employees to question the bank’s direction and the effectiveness of the job cuts. Some regional and country departments have merged, such as the International Personal Banking Department and the Global Consumer Banking Department, leading to further confusion and concern about job security.
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