Citi layoffs in Singapore left employees uncertain and in low morale, former and current staff say
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SingaporeCiti layoffs in Singapore left employees uncertain and in low morale, former and current staff say
Citi employees in Singapore have gone through three rounds of layoffs in six months since the US bank announced a major restructuring last September.![Citi layoffs in Singapore left employees uncertain and in low morale, former and current staff say Citi layoffs in Singapore left employees uncertain and in low morale, former and current staff say](https://onecms-res.cloudinary.com/image/upload/s--RoTUxwzM--/c_fill,g_auto,h_468,w_830/f_auto,q_auto/v1/mediacorp/cna/image/2024/07/25/Citi%20singapore%20office.jpg?itok=Uc-8aUlh)
The Citi building in Singapore's central business district. The Singapore office has undergone three rounds of layoffs between November and March. (Photo: iStock)
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Abigail Ng
27 Jul 2024 06:00AM (Updated: 27 Jul 2024 09:10AM)
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SINGAPORE: They went through one round of layoffs last November. And another in January. Then a third round in March.
US bank Citigroup announced a major restructuring of its business in September 2023, and the effects were trickling down to staff in Singapore.
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When the March layoffs happened, Mark was one of those who were let go.
“I always knew cuts were coming,” he told CNA. “It was more of when it would happen.”
Things happened quickly in his wealth management division, he said. He was informed that his last day with the bank would be just days later. Some of his colleagues were on holiday when they were told that they had been laid off.
“It all happened within a day,” he said, adding that most people in the retail banking business were affected – even those not laid off were told their job scope had changed.
Those who were retrenched were not given the option to look for another role in the company.
Former and current employees who spoke to CNA did so on the condition of anonymity, and their names have been changed for this article.