Citigroup starts layoff talks after management overhaul

As Citigroup embarks on a sweeping reorganisation, support staff in compliance and risk management are among the most likely to lose their jobs, say sources close to the situation, reports The Express Tribune.

Technology staff working on overlapping functions are also at risk of being laid off, one of the people said.

Citi managers are already convening discussions with employees about potential layoffs, according to the sources, who declined to be identified discussing personnel matters. One-on-one meetings about departures were also starting, one of the sources said. Citigroup declined to comment.

The conversations come after the third-largest US bank announced on Wednesday that it will strip out a layer of management and cut jobs. CEO Jane Fraser, who called the reorganisation Citi's biggest in almost two decades, will gain more direct control over its businesses in an effort to boost profit and the share price.