Citigroup has reportedly laid off around 500 employees as part of a global restructuring. The Straits Times.
The bank now has about 8,000 full-time and contract staff in Singapore, down from 8,500 in October. The cuts come after CitigroupThe company’s broader strategy to “streamline operations” by reducing management layers and roles concentrated in the Asia-Pacific region.
Tibor Pandy
Citigroup’s country officer for Singapore, Tibor Pandy, said the restructuring had made the organisation more efficient, speeded up decision-making and simplified governance processes.
Additionally, some staff were transferred to the bank’s newly created international division, which manages operations outside North America.
Despite the cuts, Singapore will remain an important business base for Citigroup, the group said in a press release.
Pandey said the bank intends to hire additional staff for its expanding wealth management division to support commercial banking services for the region’s growing businesses.
The changes are part of Citigroup’s overarching goal of strengthening its new international division, which will oversee global operations outside North America.
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