Citigroup, one of the largest banks in the USA, announced that it is moving to the next phase of organizational changes while the bank’s organizational structure is aligned with the new operating model.
In the statement made by Citigroup, it was stated that the actions towards the restructuring of the institution involve some difficult decisions, but they are believed to be the right steps to ensure that the bank’s structure is aligned with its strategy and to ensure that it constantly offers excellence to its customers.
In the statement, it was noted that while the bank’s organizational structure continues to be aligned with the new, simplified operating model, the next phase of organizational changes has been shared with bank employees.
On the other hand, in Bloomberg’s news on the subject, it was reported that Citigroup Chief Executive (CEO) Jane Fraser terminated the employment of more than 300 senior managers within the scope of the restructuring.
According to the news, it was noted that this number constitutes approximately 10 percent of the bank’s employees.
It is stated that these organizational changes will be the New York-based bank’s largest restructuring in the last 20 years.