Following accusations of inappropriate behavior, US banking behemoth Citigroup has advised staff to limit their alcohol consumption at client functions. Bloomberg this week reported,, citing individuals within the organization.

According to the report, senior management has been reminding analysts and managing directors in the bank’s investment division “to keep the firm’s reputation in mind” and refrain from overindulging when drinking with clients.

Although sources told the news outlet that alcohol consumption is widely accepted and is customarily allowed in professional settings, the memoranda did not go so far as to outright forbid consumption at the bank’s gatherings.

Citigroup has refrained from commenting thus far.

The multinational reported a sharp quarterly loss of $1.8 billion for the final three months of 2023, the worst performance in 15 years, and last month revealed intentions to slash up to 20,000 positions. Investment banking, however, is said to be less impacted than other divisions. Before the conclusion of this year’s first quarter, the financial giant is reportedly going to restructure and eliminate 5,000 positions.

The banking giant may have to pay up to $1.8 billion in severance costs by the time staff cutbacks are finished in 2026, but Citigroup estimates that these costs might result in yearly savings of $2.5 billion. The corporation anticipates that from a peak of 240,000 at the start of 2023, its total headcount will finally drop to 180,000 by 2026.

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