Citigroup to Slash Year-End Promotions Amid Organization Overhaul

Citigroup Inc. (C) is planning to slash the number of year-end promotions it typically grants as it strives to keep expenses low amid a long-term organizational overhaul to shrink headcount, as reported by the Financial Times.The bank could offer pay hikes and new roles to only 2,000 employees in its year-end promotions next month, suggesting a decline from approximately 8,000 in the previous year, the Financial Times reported citing people familiar with the matter, cautioning that those decisions are not y ...