Jan 12 (Reuters) – Citigroup is set to cut about 1,000 jobs this week, a source familiar with the matter told Reuters on Monday, as part of a plan announced two years ago to reduce the workforce by 20,000 by the end of this year. The New York-based bank had about 229,000 full-time employees as […]
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Citigroup set to cut about 1,000 jobs this week, source says
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Jan 12 (Reuters) – Citigroup is set to cut about 1,000 jobs this week, a source familiar with the matter told Reuters on Monday, as part of a plan announced two years ago to reduce the workforce by 20,000 by the end of this year.
The New York-based bank had about 229,000 full-time employees as of December 31, 2024, according to its latest annual report.
The bank did not disclose the number of jobs to be cut, but said in a statement it would continue to reduce the headcount in 2026.
“These changes reflect adjustments we’re making to ensure our staffing levels, locations and expertise align with current business needs,” a company spokesperson said.
CEO Jane Fraser, who took the helm in 2021, has been reshaping the firm to close a performance gap with rivals. Her overhaul has included exiting most international retail banking and reorganizing core businesses.
The bank will report its fourth-quarter results on Wednesday.
Bloomberg News was first to reported the news on job cuts.
(Reporting by Pragyan Kalita in Bengaluru and Tatiana Bautzer in New York; Editing by Anil D’Silva and Sahal Muhammed)