SINGAPORE: In November of last year, they experienced one round of layoffs. and one more in January. Then in March, a third round. In September 2023, US bank Citigroup announced a significant reorganisation of its operations, with repercussions already being felt by employees in Singapore.
In his wealth management division, things moved quickly, he claimed. He was told that a few days would pass before he left the bank. While on vacation, a few of his coworkers received news that they had been let go.
He continued that most of those working in retail banking were impacted, adding that even those who weren’t let go were informed that the nature of their jobs had changed. “It all happened within a day,” he said.
Between 8,000 and 8,500 people, including contractors, work for Citi Singapore. However, according to a report published by The Straits Times earlier this month, Citi’s workforce decreased by about 500 employees following its reorganisation.
Citi declined to confirm the number, stating instead that “changes to contract and non-employee resourcing needs” and attrition are among the reasons why its headcount varies.
Major steps towards bringing Citi’s structure into line with our streamlined operating model were finished in March. Due to their actions, we had to let go of many exceptionally talented and diligent coworkers from the company, according to a spokesperson.
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