Citigroup Plans to Cut Around 1,000 Jobs This Week, Source Says
Citigroup is expected to cut approximately 1,000 jobs this week as part of a broader restructuring effort, according to a person familiar with the matter. The move is tied to a long-term plan announced two years ago to reduce the bank’s workforce by 20,000 positions by the end of this year.
As of December 31, 2024, the New York-based bank employed around 229,000 full-time workers, according to its most recent annual report.
While the company did not specify how many roles would be eliminated in the latest round, it confirmed in a statement that workforce reductions will continue into 2026.
“These changes reflect adjustments we are making to ensure our staffing levels, geographic footprint, and areas of expertise are aligned with current business requirements,” a company spokesperson said.
Chief executive Jane Fraser, who took over leadership of the bank in 2021, has been reshaping the organization in an effort to close a performance gap with key competitors. Her strategy has included exiting most international retail banking operations and reorganizing the firm’s core business units.
The bank is scheduled to report its fourth-quarter financial results on Wednesday.
The job cuts were first reported by a major financial news outlet.
