There have been several announced or actual layoffs from Florida financial institutions and banks this year.
Citibank Begins Layoffs and "Corporate Overhaul:" According to CNBC, Citibank will begin layoffs as part of a larger "corporate overhaul." The publication has reported that managers have indicated that there have allegedly been discussions of "dismissals of at least 10% of workers in several businesses."
A Citigroup spokesperson reportedly told the publication:
“We’ve acknowledged the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but they’re the right steps to align our structure to our strategy and deliver the plan we shared at our 2022 Investor Day.”
Citigroup is the third-largest banking institution in the nation.
The Possibility of Florida Layoffs: Tampa, Florida is home to a 100-acre Citigroup corporate campus. It is also home to 10,000 employees - the second largest amount behind New York. In late September of 2023, the Jacksonville Business Journal reported an article with the headline "Florida Job Cuts Possible at Citigroup."
“We’re not talking about numbers at this stage. We’re talking about the strategy and change in structure. Job cuts are not the story here. It is unfortunate we will have ... some very talented people leaving the organization, but that’s not where we started. We started with the need to simplify our structures and our management routines and, therefore, job cuts are the output."
Severance and Changing Roles: According to Reuters reporting in October of 2023, employees whose positions are eliminated will be offered severance and notice when eligible. Some positions may be eligible to apply for alternate positions within the company.
Sara Wechter, chief human resources officer, reportedly wrote in a memo, in part:
"Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated."