Citi lays off 10 research staff in Asia Pacific as part of global revamp, sources say

The logo for Citibank is seen on the trading floor at the New York Stock Exchange in Manhattan, New York City, US, Aug 3, 2021.HONG KONG — Citigroup Inc has laid off at least 10 people in its equities research department in Asia Pacific this week, two sources with knowledge of the matter said, as the bank pushes through the last phase of a sweeping global overhaul.

The bank, which has hundreds of employees in its equities research unit in the region, notified the impacted staff earlier this week, said the sources, who declined to be named as they were not authorised to speak to the media. Citi declined to comment beyond a statement the Wall Street bank issued on Monday , which said the bank informed staff it had concluded "major actions" that it announced last September to revamp its structure and improve performance.

The reorganisation reduced management layers to eight from 13. The latest reshuffle finalises Citi's new structure and is part of a broader goal to trim its global workforce of 239,000 by 20,000 over the next two years. One of the sources said that Citi will continue making cuts this week across all divisions at the bank in Asia-Pacific, including in investment banking. It is not immediately clear the total number of staff it is planning to cut in the region.Citi eliminated 1,500 managerial roles comprising 13 per cent of its worldwide leaders, CEO Jane Fraser said as the bank released its fourth-quarter results in January. The changes would create annual savings of about US$1 billion , she said at the time.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

McDonald’s online services down amid reported outages in S’pore and across Asia-PacificIts app is experiencing issues, and its McDelivery website said the platform is closed for maintenance.
Source: straits_times - 🏆 5. / 69 Read more »

Citi’s Shally Koh on how to foster a more diverse banking organisationpstrongThe bank is touting its male allyship and mother support programs as part of its bid for gender equality./strong/p pstrongShally Koh/strong was there when Citibank kicked off its commercial bank operations in Singapore in 2000.
Source: SBRMagazine - 🏆 13. / 51 Read more »

Cathay Pacific posts first annual profit since 2019HONG KONG: Hong Kong's Cathay Pacific Airways reported on Wednesday (Mar 13) a HK$9.79 billion (US$1.25 billion) profit for 2023, its first annual profit since 2019, and said it plans to expand its workforce by around 20 per cent, or 5,000 people, this year.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Article 23: What you need to know about Hong Kong's new national security lawsWhat do the new national security laws involve and how are they different from the one Beijing imposed in 2020?
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

International Women's Day: New study to spotlight women in tech across Southeast AsiaA new study out of Singapore will spotlight the crucial role women in tech play across Southeast Asia, in fields ranging from artificial intelligence to quantum computing.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Hong Kong issues new national security law Bill with tougher jail termsThe Bill lists five new categories of offences - treason, insurrection, espionage and theft of state secrets, sabotaging national security and external interference.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »