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.

Citi (C)group is cutting the number of year-end promotions it typically awards as the company seeks to keep costs down amid a long-term

As few as 2,000 employees could receive pay and title bumps in the next month, down from about 8,000 in previous rounds