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Citi layoffs in Singapore left employees uncertain and in low morale, former and current staff say​

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Singapore

Citi 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.

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.

 

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EMPLOYERS' MARKET​

Hunting for a new job has been difficult for Mark, who said it’s an employer’s market in the banking industry now.

Most of the people he knows who got laid off in March have not found another job, while a few who were retrenched in January have been able to secure new roles.

Citi said: “We provided support to impacted colleagues, including severance and outplacement support in line with our country policy.”

The compensation Mark received was in line with local recommendations, he said. The Ministry of Manpower’s website said the “prevailing norm” is to pay a retrenchment benefit of between two weeks to one month's salary per year of service.

All things considered, Mark said he understood the need for a reorganisation in Citi. The organisation was slower and less mobile than other banks because there were too many layers of management to get through.

“It’s fair to say that the changes did come from a good place … they’re trying to reduce inefficiencies,” he said.

He believes the reorganisation could have been successful. “(But) you've got good people, good leaders with great potential ... unfortunately, they were told that they were deemed unnecessary,” he said.

 

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[k1976]

Tiagong many flee from CHennai Changi Business Park at God Speed de woh