Citigroup plans to announce the first major round of layoffs and job transfers on Monday as part of a massive restructuring that will ultimately result in the elimination of tens of thousands of positions at the bank, according to sources close to the company. project.
The restructuring, which was internally codenamed Project Bora Bora, is in its early stages, these people said, and is far from complete. The bank, which is conducting a top-down review of its organizational structure, has reviewed only about 1 percent of positions within the bank, or about 2,400 jobs. It is unclear exactly how many positions will be eliminated during this round.
On Monday, the heads of the various business units are expected to announce to their colleagues who the next management levels will be.
Citi declined to comment.