Citigroup is cutting the number of year-end promotions it awards as it seeks to hold costs down amid a long-term restructuring to shrink headcount, the Financial Times reported on Tuesday.

Citigroup plans to significantly reduce the number of year-end promotions to curb costs during its ongoing restructuring, the Financial Times reported on Tuesday.According to the report, only 2,000 employees are expected to receive pay hikes and title changes in the next month,

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