Source – freemalaysiatoday.com
Ongoing Layoffs and Restructuring
Citigroup has been making significant cuts to its workforce as part of a major global restructuring initiative. The bank, which has undergone three rounds of layoffs in the past year alone—November, January, and March—has now shifted its focus to restructuring its operations in Singapore. Mark, a former employee who was laid off in March, shared with CNA that the rapid and unexpected nature of the cuts was challenging. “I always knew cuts were coming,” he said. “It was more about when they would happen.” The swift decision to terminate employment left many employees, including those on holiday, stunned and unprepared.
Impact on Singapore Workforce
Citigroup’s Singapore office, with a workforce of around 8,000 to 8,500, has seen a significant reduction, with reports suggesting a decrease of about 500 employees following the latest restructuring. The bank’s spokesperson acknowledged the adjustments but refrained from confirming specific figures, attributing fluctuations in headcount to various factors including attrition and changes in non-employee resourcing needs. In a broader context, Citigroup CEO Jane Fraser revealed in April that approximately 7,000 positions were cut globally, exceeding initial estimates of 5,000.
Citi Singapore Reduces Workforce by 500 as Part of Global Restructuring Efforts
Uncertainty and Morale Challenges
The layoffs have created a climate of uncertainty among the remaining staff. Amy, who is still with the bank, noted that there was no formal announcement of the total number of cuts, which has led to speculation and anxiety among employees. The morale, particularly after the January cuts, was notably low. “People were saying they should have at least waited until Chinese New Year was over to begin the cuts,” she said. The situation has been compounded by increased workloads for those who remain, with significant restructuring leading to merged teams and reduced staff numbers.
Job Market and Future Prospects
The job market for banking professionals has become increasingly competitive. Mark, who is actively seeking new employment, noted that finding a job has been difficult due to the current employer’s market. While some of his former colleagues from earlier layoffs have secured new roles, many from the recent March cuts are still struggling. Citigroup provided severance and outplacement support as per local policies, but the sudden nature of the layoffs and the lack of detailed explanations left many feeling disheartened.
Despite understanding the need for reorganization to reduce inefficiencies, Mark believes the process could have been handled better. “You’ve got good people, good leaders with great potential… unfortunately, they were deemed unnecessary,” he said. For many, the abrupt end to their roles has been a tough experience, marked by uncertainty and a sense of being undervalued.
