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Speaking to HRO, a Citi spokesperson said the changes reflect adjustments to ensure its staffing levels, locations and expertise align with current business needs, among other business priorities shared.
New York-based bank Citigroup is set to cut about 1,000 jobs this week as the bank continues a wide-ranging restructuring effort announced two years ago, Reuters reported.
As further reported, the group has been working towards reducing its global workforce by 20,000 roles by the end of this year, per the Reuters report. Per the group's 2024 annual report, it employed about 229,000 full-time staff worldwide as of 31 December 2024.
According to Reuters, the job cuts form part of a broader overhaul led by CEO Jane Fraser, who took over in 2021 and "has been reshaping the firm to close a long-standing performance gap with rivals." In late 2023, Fraser laid out a plan to lift earnings, streamline operations, and address persistent weaknesses in data governance and risk management.
In response to queries by Human Resources Online, a Citi spokesperson confirmed that the bank will continue reducing headcount in 2026.
These changes reflect adjustments we’re making to ensure our staffing levels, locations and expertise align with current business needs; efficiencies we have gained through technology; and progress against our transformation work, which is nearing Citi’s target state.
The spokesperson added: “We are grateful for the contributions these colleagues have made to Citi.”
However, information on the number and types of roles being cut, the total number of employees affected, and the outplacement or support measures available for impacted employees were not shared.
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