In a recent turn of events, Citibank has finalized its  layoffs across the world, citing  the need to streamline its operations and reduce costs. The move has sent shockwaves through the banking industry, as Citibank is one of the largest banks in the world.

The new, flatter structure elevates the leaders of Citi’s five businesses and eliminates management layers, which will speed up decision making, drive increased accountability and strengthen the focus on clients.

Simplifying the organization will also advance the execution of Citi’s Transformation, the firm’s top priority.

Citibank has reportedly laid off employees in several countries, including the United States, the United Kingdom, and India.

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The layoffs are said to have affected both junior and senior staff, with some reports suggesting that over 10,000 employees may be impacted by the decision.

The move has also had a significant impact on the African market, where Citibank has a presence. According to reports, the bank has laid off a significant number of employees in several African countries, including Nigeria, Kenya, and South Africa.

The layoffs have been met with concern by many in the African banking industry, who worry that the move may hurt the local economy.

Citibank is one of the largest foreign banks operating in Africa, and its decision to lay off employees could have a ripple effect on other banks and businesses in the region.

However, Citibank has defended its decision, stating that the layoffs are necessary to ensure the bank remains competitive in a rapidly changing market.

The bank has also emphasized its commitment to the African market, noting that it will continue to invest in the region despite the layoffs.

Despite this, the impact of the layoffs on the African market is likely to be significant. According to reports, Citibank employed thousands of people in Africa as of 2020, making it one of the largest multinational employers in the region.

The bank’s decision to lay off employees is likely to have a far-reaching impact on the local economy https://www.citigroup.com/global/news/press-release/2023/citi-aligns-organizational-structure-strategy-simplifies-operating-model Over the past three years, Citi has implemented a strategy to be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market.