(Finance) – The CEO CitigroupJane Fraser, announced new changes in the organization of the US banking giant, with the elimination of leadership positions and functions. According to what Bloomberg has learned, Citi is eliminating more than 300 senior management roles (about 10% of workers at that level).
“Today we shared with our colleagues the next level of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new simplified operating model“, we read in a statement released by the bank, which does not provide information on the number of positions affected.
“As we have recognized, the actions we are taking to reorganize the company entail some difficult decisions and consequential, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients,” Citi emphasized.
Additionally, in a separate note, Citi announced that it had successfully completed the sale and the complete migration of his Indonesian consumer businesses at UOB Indonesia (UOBI). The sale includes retail banking, credit card and unsecured lending assets, as well as the relocation of employees.
Citi and UOB first announced the transaction in January 2022 as part of a broader sales agreement covering consumer banking services in Malaysia, Thailand, Vietnam and Indonesia. The sales in Malaysia and Thailand were completed on November 1, 2022, while the sale in Vietnam was completed on March 1, 2023. This transaction is expected to result in a modest regulatory capital benefit for Citi. In total, the sale of these four consumer businesses at UOB resulted in a regulatory capital benefit of approximately 1.1 billion dollars.