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11 Feb, 2024 09:01

Banking giant tells staff to cut back on booze – Bloomberg

Citigroup has reportedly received complaints about employees overindulging at client events
Banking giant tells staff to cut back on booze – Bloomberg

US banking giant Citigroup has warned employees to drink less alcohol at client events following complaints of disorderly behavior, Bloomberg reported this week, citing sources in the company.

According to the report, analysts and managing directors in the bank’s investment division have been receiving reminders from senior management “to keep the firm’s reputation in mind” and not overindulge when drinking with clients.

The memos stopped short of banning alcohol consumption at the bank’s events, however, as it is a common practice in business settings and has wide cultural acceptance, sources told the news outlet.

Citigroup has so far declined to comment.

The multinational announced plans last month to cut up to 20,000 jobs after reporting a steep quarterly loss of $1.8 billion for the last three months of 2023 – its worst in 15 years. However, investment banking will reportedly be less affected than other divisions. The restructuring will see the banking giant cut 5,000 jobs before the end of the first quarter this year, reports say.

By 2026, when staff reductions are due to be completed, they could cost the banking major as much as $1.8 billion in expenses tied to severance payments, but generate annual savings of $2.5 billion, Citigroup said. The company expects its overall headcount to eventually decline to 180,000 by 2026, from a high of 240,000 at the beginning of 2023.

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