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.

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

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