Citigroup Inc. has laid off about 500 employees as part of a global restructuring effort, as reported by The Straits Times.
The bank now has about 8,000 full-time and contract employees in Singapore, down from 8,500 in October. This reduction aligns with Citigroup‘s broader strategy to “streamline its operations” by cutting management layers and roles concentrated in the Asia Pacific region.
According to Tibor Pandi, Citigroup’s Country Officer for Singapore, the restructuring has resulted in a more efficient organization, facilitating quicker decision-making and simplified governance processes.
Additionally, some staff members have transitioned to the bank’s newly established international division, which manages operations outside of North America.
Despite the workforce reduction, Singapore continues to be a significant operational hub for Citigroup, they said in a press statement
Pandi mentioned that the bank intends to recruit additional staff for its expanding wealth management division and to support commercial banking services for companies growing in the region.
These changes are part of Citigroup’s overarching goal to strengthen its new international division, which oversees its global operations outside of North America.
Featured image credit: Edited from Freepik
