Employment restructuring at Citigroup
The planned employment reduction is to cover 20,000 people. employees.
The announced layoffs are an implementation of the restructuring plan presented last year. Its development was a necessity, and its systematic implementation is confirmed by the financial results from the last quarter of 2023. Citigroup suffered a loss estimated at nearly $1.8 billion. Therefore, it was agreed that the employment reduction would cover 20,000 people. employees at various levels and was spread over a period of two years.
It is worth recalling that in November 2023 it was reported that Citigroup had returned to the idea and to the talks, interrupted in 2021, regarding the sale of the Polish branch – Citibank Handlowy. Citigroup representatives plan to withdraw not only from Poland, but also from other markets, including: Australia, China, Indonesia, Taiwan.