05:45 AM EST, 11/26/2024 (MT Newswires) -- Citigroup ( C ) is reducing the number of year-end staff promotions as part of long-term turnaround to rein in costs, the Financial Times reported Tuesday, citing people familiar with the decisions.

Promotions could be reduced to as few as 2,000 employees from about 8,000 in previous rounds, the paper said.

The change mainly covers promotions in which the bank awards pay increase and an improved title and pay raises are expected to be limited to 15%, according to the report.

Large lay-offs are also not expected until next year at the earliest, the Financial Times said.

Citi did not immediately respond to MT Newswires' request for comment.

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