In spite of what you may hear from Joe Biden or other democrats, the state of the economy is not great.
The big banks in the United States are quite vulnerable during the current economic times.
Citigroup is one of the largest banking institutions in the entire country.
In fact, it is the third largest as of right now.
Don’t let any of that lead you into a false sense of security though, as they are about to begin massive layoffs.
CEO Jane Fraser is feeling the pressure to shake things up, as the company has been is a slump.
Investors are said to be pessimistic about the bank’s ability to hit financial targets this year.
This could lead to more than 10% of the current employees losing their positions.
Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul https://t.co/B5qRSJ1Eia
— CNBC (@CNBC) November 15, 2023
CNBC has the story:
Citigroup will soon begin layoffs in CEO Jane Fraser’s corporate overhaul, CNBC has learned.
Employees affected by the cuts will be informed starting Wednesday, with new dismissals announced daily through early next week, according to people with knowledge of the situation.
Those impacted will include…
Read the full article here