Layoffs Update: Now in the third quarter, Citigroup has shown the way out to 2000 of its employees. Whenever a company sends an employee out of his/her own will, he/she is given severance charges by the company.
Citigroup Layoffs: Many companies are still busy laying off employees. Now in the third quarter, Citigroup has shown the way out to its 2000 employees. According to a Bloomberg report, Citigroup has reduced its workforce by 2,000 in the third quarter (Q3), bringing the company’s total severance charges for the year to $650 million.
Let us tell you that whenever a company sends an employee out of his will, he is given severance charges by the company.
The company’s CFO gave this information
The company’s Chief Financial Officer Mark Mason has discussed the company’s earnings on a conference call, in which he has said that the company has cut the jobs of about 7000 employees overall this year. He further said that by the end of June, about 5000 employees have been laid off and its severance charge is around $450 million.
Why are jobs being cut?
While giving information, Mason has also said that due to repositioning charges the company has cut the jobs of the employees.
More layoffs may occur due to restructuring
The group has said in the report that due to restructuring, employees’ jobs are being cut, but the company has not yet disclosed the number of employee cuts.
240,000 employees are working
Let us tell you that even after retrenchment, the number of people working in the company is 240,000. Citigroup’s expenses increased 6 percent to $13.5 billion in the third quarter, which was less than experts’ estimates. According to the report, the bank is still expecting total expenses for the entire year at $54 billion.
