{"id":6007,"date":"2023-11-07T14:54:16","date_gmt":"2023-11-07T13:54:16","guid":{"rendered":"https:\/\/oxfordwisefinance.com\/blog\/layoffs-watch-24-citigroup\/"},"modified":"2023-11-08T13:26:07","modified_gmt":"2023-11-08T12:26:07","slug":"layoffs-watch-24-citigroup","status":"publish","type":"post","link":"https:\/\/oxfordwisefinance.com\/blog\/layoffs-watch-24-citigroup\/","title":{"rendered":"Layoffs Watch \u201924: Citigroup"},"content":{"rendered":"\n<p>Some time in the past, Citigroup CEO Jane Fraser entrusted her head of legacy franchises, Titi Cole, with a most delicate mission: The full overhaul of America\u2019s most Byzantine, overstaffed and inscrutable financial institution. Such a fraught and harmful activity, after all, required a suitably deceptive nom de guerre, like \u201cOperation Iraqi Freedom.\u201d They settled on \u201cProject Bora Bora,\u201d as \u201cOperation Tora! Tora! Tora!\u201d would have been too on the nostril.<\/p>\n<p>Managers and consultants engaged on Fraser\u2019s reorganization\u2026 have mentioned job cuts of no less than 10% in a number of main companies\u2026. Executives will see cuts past 10% due to Fraser\u2019s push to remove regional managers, co-heads and others with overlapping tasks, they mentioned.<\/p>\n<p>That\u2019s not one other of Citi\u2019s well-known fats fingers at work: 24,000 jobs or so might go. Of course, no matter they referred to as the undertaking, they weren\u2019t fooling anybody. Cole\u2019s resume contains stints at layoff-prone locations reminiscent of Wells Fargo\u2019s client financial institution and Bank of America\u2019s retail merchandise enterprise, to say nothing of cease at cost-cutting specialists McKinsey. And, talking of consultants, the Bobs have additionally been introduced in within the type of Boston Consulting Group. There could also be far, far too many individuals <a href=\"https:\/\/oxfordwisefinance.com\/blog\/4-ways-to-make-more-money-with-almost-no-extra-work\/\">working at Citi\u2014it has extra<\/a> workers than any U.S. financial institution apart from JPMorgan Chase, which is far greater, significantly better run and far, a lot, rather more worthwhile\u2014however they don&#8217;t seem to be silly.<\/p>\n<p>\u201cMorale is super, super low,\u201d mentioned one banker who left Citigroup just lately and has been contacted by former colleagues. \u201cThey\u2019re saying, \u2018I don\u2019t know if I\u2019m getting hit, or if my manager is getting hit.\u2019 People are bracing for the worst.\u201d<\/p>\n<p>And, although it might be the one factor Fraser can do to attempt to flip round her wildly unwieldly, itemizing ship, Mike Mayo, for one, isn\u2019t certain it\u2019s even well worth the hassle.<\/p>\n<p>\u201cNot one investor I\u2019ve spoken to thinks they\u2019ll get to that [11%] return target in \u201925 or \u201926,\u201d analyst Mike Mayo of Wells Fargo mentioned in an interview. \u201cIf they can\u2019t generate returns above their cost of capital, which is typically around 10%, they have no right to stay in business.\u201d<\/p>\n<p>&nbsp;<\/p>\n\n<p><a href=\"https:\/\/dealbreaker.com\/2023\/11\/layoffs-watch-24-citigroup\" rel=\"nofollow\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some time in the past, Citigroup CEO Jane Fraser entrusted her head [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","pagelayer_contact_templates":[],"_pagelayer_content":"","iawp_total_views":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[142,439],"tags":[],"class_list":["post-6007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-business","category-job-market","col-md-12"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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