Citigroup slashes banker promotions in cost-cutting drive: report
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Citigroup is significantly reducing the number of banker promotions as part of a cost-cutting initiative. Only 2,000 employees will receive promotions this year, compared to 8,000 in previous years.
November 26, 2024 | 8:00 pm
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Citigroup is reducing banker promotions from 8,000 to 2,000 as part of a cost-cutting measure. This move may impact employee morale but could improve financial efficiency.
The reduction in promotions is a clear cost-cutting measure, which may help Citigroup improve its financial efficiency. However, it could also affect employee morale negatively. The overall short-term impact on the stock price is likely neutral as the cost savings may offset any negative sentiment.
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