An American multinational investment bank and financial services corporation, Citigroup has planned to lay off 10% of its workforce.
According to the reports of CNBC, the managers and consultants working on Fraser’s reorganization — known internally by its code name, “Project Bora Bora” might be affected by the layoffs. The employees affected by the layoffs will be able to apply for other positions within the company.
The bank has warned of job cuts as part of a sweeping overhaul it unveiled in September but has said it will estimate the scale of layoffs and cost savings in the current quarter. The bank’s global headcount has stayed at 240,000 this year, it disclosed in its latest quarterly supplement last month.
Citigroup will offer severance pay and notice periods to eligible employees.
Recently, Volkswagen was planning to cut 2,000 jobs at its troubled software unit Cariad as part of a restructuring plan.
The Electrolux Group is expected to lay off approximately 3,000 positions, resulting in a restructuring charge in the fourth quarter of 2023 of SEK 2-2.5bn, which will be reported as a non-recurring item.
The move of layoffs is part of a larger trend as companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
Amazon sacked 27,000 employees in three months. The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
So far in 2023, there have been 1,749 layoffs at tech companies with 389,684 people impacted (1,295 people per day).
In 2022, there were 1,557 layoffs at tech companies with 243,318 people impacted (667 people per day).
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