Oliver Wyman July 22, 2024
A framework to put an end to futile restructuring
In 2023, Citigroup conducted a reorganization effort that reduced its management layers from 13 to eight in what was dubbed its “biggest overhaul in decades.” The year also was marked by mass layoffs at Goldman Sachs, which let go of 3,200 employees accounting for 6.5%of its headcount, as well as Big Tech firms including Dropbox, Yahoo, and Zoom. These headline-making organizational changes share one common trait: Companies feel the need to make dramatic changes to their operating model to stay competitive in an increasingly changing market.
Part of the impetus for these moves is the companies’ desire for the skills they need to succeed. The war for talent possessing certain types...
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