{"id":2103815,"date":"2023-11-20T11:57:02","date_gmt":"2023-11-20T16:57:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/citigroup-employees-brace-for-layoffs-management-overhaul-sources\/"},"modified":"2023-11-20T11:59:37","modified_gmt":"2023-11-20T16:59:37","slug":"citigroup-employees-brace-for-layoffs-management-overhaul-sources","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/citigroup-employees-brace-for-layoffs-management-overhaul-sources\/","title":{"rendered":"Citigroup employees brace for layoffs, management overhaul \u2013 sources"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcitigroup-employees-brace-for-layoffs-management-overhaul-sources%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2103815&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Breaking News: Citigroup \u200dAnnounces Major \u200cManagement \u2062Changes<\/h2>\n<p>2:42 PM UTC \u2013 November 20, 2023<\/p>\n<p>NEW YORK (Reuters) \u2013 In a memo \u2062to staff on\u200c Monday, Citigroup \u2063(C.N) CEO Jane Fraser revealed that \u200cthe company is undergoing a sweeping reorganization, including significant management changes.<\/p>\n<blockquote>\n<p>&#8220;The actions we\u2019re taking \u200bto reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy,&#8221; Fraser said in a \u200dseparate statement.<\/p>\n<\/blockquote>\n<p>Leadership changes across\u2062 businesses and functions will be communicated by executives to their teams and \u2063later posted on an internal site, according to the memo.<\/p>\n<p>Excitingly, one of Citigroup&#8217;s most senior bankers in Europe, Nacho\u2063 Guti\u00e9rrez-Orrantia, will be appointed\u2062 as the new head of banking in the \u200dregion, as \u200cpart of the reshuffle.<\/p>\n<p>In his new role as head of the \u200dEurope cluster, Guti\u00e9rrez-Orrantia will oversee Citi&#8217;s \u200bbusinesses in Europe.<\/p>\n<p>While the \u2062reorganization may involve thousands of layoffs, final\u200c announcements \u2064related to the overhaul will be\u2062 made at the beginning of 2024, according to Fraser&#8217;s memo.<\/p>\n<p>Preparations for these announcements were communicated verbally in meetings last week, and some staff\u200d may have \u2062the opportunity to apply \u2063for other roles at the bank, a source revealed.<\/p>\n<p>Citi&#8217;s plans to reduce management layers and functional roles were previously announced, with a reduction of 15% in\u2062 the\u200c top\u200c two layers of \u2063leadership and the elimination of 60 committees.<\/p>\n<p>Support staff in compliance and risk management, as well\u2063 as technology staff\u2062 working on overlapping functions, are at risk of being laid off, as reported in \u2064September.<\/p>\n<p><sub>Reporting by Saeed Azhar, Isla Binnie and Tatiana Bautzer in New York; Additional reporting by Svea Herbst-Bayliss, Echo Wang and Andres Gonzalez; \u2063Editing by Lananh Nguyen, Lisa Shumaker and Nick Zieminski<\/sub><\/p>\n<\/div>\n<div class=\"entry-content\">\n<h2>Other News:<\/h2>\n<ul>\n<li>Mr. Speaker\u200c releases the J6 Tapes and\u2064 Sam Altman is replaced by Mira Murati as OpenAI Chief<\/li>\n<li>It has been two months \u200dsince Texas Attorney General\u2062 Ken Paxton\u2019s impeachment acquittal yet the State House\u2064 Of Representatives will not reveal how\u2063 much it spent on private attorneys\u200c to make their case. Chanel Rion \u200bhas \u2063more.<\/li>\n<li>Interview with Vivek Ramaswamy<\/li>\n<li>Interview with Ted Harvey<\/li>\n<li>Microsoft emerges as the big winner in the OpenAI upheaval, hiring ousted CEO Sam Altman and other key staff<\/li>\n<li>OpenAI names \u200bex-Twitch boss Emmett Shear as interim CEO, while Sam Altman joins Microsoft<\/li>\n<li>OpenAI&#8217;s staff threatens to quit and join Sam Altman at Microsoft unless the board resigns<\/li>\n<li>The board of\u2062 ChatGPT \u200bfires CEO\u200d Sam Altman, causing shock \u2062waves \u2064in the tech industry<\/li>\n<\/ul>\n<\/div>\n<p> <\/p>\n<h2> How \u200bwill the new appointment of Nacho Guti\u00e9rrez-Orrantia as the head of banking in the region impact Citigroup&#8217;s presence and competitiveness in the European market?<\/h2>\n<p><span>  Breaking News: Citigroup \u200dAnnounces Major \u200cManagement \u2062Changes<\/p>\n<p>2:42 PM\u2064 UTC \u2013 November 20, 2023<\/p>\n<p>NEW YORK (Reuters) \u2013 In a memo \u2062to staff on\u200c Monday, Citigroup \u2063(C.N) CEO Jane Fraser revealed that \u200cthe company is undergoing a sweeping reorganization, including significant management changes.<\/p>\n<p>&#8220;The \u2063actions\u2063 we\u2019re taking \u200bto reorganize the \u200cfirm involve some difficult, consequential decisions, \u200bbut we believe they are the right steps to \u2062align our \u2062structure with our strategy,&#8221; Fraser said in a \u200dseparate statement.<\/p>\n<p>These changes are expected to have \u2064a profound impact on the company&#8217;s operation and its\u2064 future direction. Citigroup has\u2064 been \u2062facing challenges \u2063in recent years, including regulatory scrutiny and a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-certifies-first-small-modular-nuclear-reactor-design-for-use\/\" title=\"U.S. Certifies First Small Modular Nuclear Reactor Design for Use\">changing financial landscape<\/a>. To address these \u200cchallenges and stay competitive, the company has decided to undertake these major management changes.<\/p>\n<p>The\u200b reorganization will see leadership changes across\u2062 businesses and functions. Executives will communicate these changes to \u200ctheir teams and \u2063they will also be posted on an internal site, according\u200b to the\u2062 memo. This transparent approach will\u2063 ensure that\u200b all employees are informed and engaged in the transition process.<\/p>\n<p>One exciting aspect of the reshuffle is \u200bthe appointment\u2062 of Nacho\u2063 Guti\u00e9rrez-Orrantia as the new head of banking in the \u200d\u200dregion. Guti\u00e9rrez-Orrantia, who currently holds a senior\u2063 position in Europe, will bring his extensive experience \u200dand expertise to drive Citigroup&#8217;s banking operations in the region. This move is expected to further strengthen the company&#8217;s presence and \u200ccompetitiveness in the European market.<\/p>\n<p>While reorganizations can \u200cbe challenging, Citigroup&#8217;s\u2064 management is \u200bconfident that these changes \u200cwill align the company&#8217;s structure with its strategy. By streamlining operations \u2063and enhancing leadership in key areas, Citigroup aims to improve efficiency, optimize performance, and navigate the evolving financial landscape effectively.<\/p>\n<p>Citigroup&#8217;s decision to embark on this major reorganization underscores its commitment to adapt and thrive \u200din \u2063the face \u2064of industry disruptions. The\u200d financial\u200d services sector is constantly\u2063 evolving, and companies must \u200bbe agile and proactive\u2062 to remain \u200bsuccessful. Citigroup&#8217;s management recognizes this reality and is taking decisive steps to position the company for\u200c continued\u2064 growth and success.<\/p>\n<p>As \u2062Citigroup moves \u200cforward with these management changes, stakeholders and employees\u2063 will \u200cclosely monitor the outcomes and\u200b the\u2062 impact on the\u200c company&#8217;s performance. While there may be challenges \u200cand uncertainties\u200c in the short-term, the reorganization is a demonstration of the company&#8217;s commitment to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasa-accuses-china-of-failing-to-clean-up-space-junk-after-rocket-careens-back-to-earth\/\" title=\"NASA Accuses China Of Failing To Clean Up Space Junk After Rocket Careens Back To Earth\">long-term sustainability<\/a> and its ability \u2063to adapt to changing market dynamics.<\/p>\n<p>The\u2062 announcement of Citigroup&#8217;s major management\u2062 changes is a significant moment for the company\u200d and the financial industry as a whole. It signifies Citigroup&#8217;s determination to evolve, innovate, and position itself as a leader in the\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/citigroup-employees-brace-for-layoffs-management-overhaul-sources\/\" title=\"Citigroup employees brace for layoffs, management overhaul \u2013 sources\">global financial services \u200blandscape<\/a>. With the reorganization underway, all eyes\u2063 will be on\u200b Citigroup to see how \u200cthese changes\u2062 shape its future and impact \u2063its \u200cstakeholders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2:42 PM UTC \u2013 November 20, 2023 NEW YORK (Reuters) \u2013 Citigroup (C.N) CEO Jane Fraser announced the company was carrying out its next layer of management changes in a sweeping reorganization, according to a memo to staff on Monday. Advertisement \u201cThe actions we\u2019re taking to reorganize the firm involve some difficult, consequential decisions, but<\/p>\n","protected":false},"author":1911,"featured_media":2103816,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2103815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2103815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2103815"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2103815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2103816"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2103815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2103815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2103815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}