Third Largest US Bank Citigroup In Layoff Talks After Management Restructure
Portfolio Pulse from Vandana Singh
Citigroup Inc is considering job cuts, particularly in compliance and risk management, and among technology staff with overlapping responsibilities. This follows the bank's announcement of a management restructure and workforce reduction. The bank is also addressing a 2020 consent order from regulators to rectify deficiencies in its internal controls. Citigroup shares are up 0.32% at $43.00 during the premarket session on the last check Friday.
September 15, 2023 | 1:11 pm
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Citigroup is considering job cuts and has announced a management restructure. The bank is also addressing a 2020 consent order from regulators. Its shares are up 0.32% in premarket trading.
The news of potential job cuts and management restructure at Citigroup could have mixed effects on the stock. On one hand, it could be seen as a positive move towards efficiency and cost reduction. On the other hand, it could raise concerns about the bank's stability and its ability to address regulatory orders. The stock is currently up in premarket trading, indicating a neutral to slightly positive short-term impact.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100