Catherwood LibraryILR School

Citigroup’s CEO, Jane Fraser, has announced layoffs that will affect employees in all divisions of the company. She will redirect five divisions to report directly to her, and various chiefs of staff and managing directors will be let go. The layoffs will also affect lower-level employees, and workers will be informed next week, and additional layoffs will occur in February. Citigroup has experienced lower stock prices due to increases in operational costs and the size of the company workforce. These changes will put Citigroup in a better position to meet company performance goals to meet investor expectations. Affected workers will receive severance pay, and will be able to apply to other open positions in the company. New organizational structures have been created in each division and managers will continue to make decisions about which employees to retain and which employees to cut.