Citigroup to ax 1,000 jobs this week as part of massive restructuring

Citigroup to ax 1,000 jobs this week as part of massive restructuring

Citigroup is about to minimize about 1,000 jobs this week, a source aware of the matter told Reuters on Monday, as part of a plan announced two years in the past to cut back the workforce by 20,000 by the end of this yr.

The New York-based financial institution had about 229,000 full-time staff as of December 31, 2024, according to its latest annual report.

The financial institution didn’t disclose the quantity of jobs to be minimize, however said in a press release it could continue to cut back the headcount in 2026.

Citigroup didn’t disclose the quantity of jobs to be minimize, however said in a press release it could continue to cut back the headcount in 2026. Bloomberg by way of Getty Images

“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 agency to shut a performance hole with rivals. Fraser had offered a plan in late 2023 to enhance earnings, streamline operations and tackle long-standing deficiencies in the financial institution’s data governance and danger administration.

The overhaul has triggered a wave of exits in the wealth and technology models of the financial institution, with the latest shuffle elevating Gonzalo Luchetti to succeed Mark Mason as chief finance officer.

Citi’s US retail footprint is way smaller than greater rivals; it has about 650 branches concentrated in six major metropolitan areas.

CEO Jane Fraser, who took the helm in 2021, has been reshaping the agency to shut a performance hole with rivals. REUTERS

The financial institution will report its fourth-quarter outcomes on Wednesday.

Bloomberg News was the first to report the news of job cuts.

Navigate the fast-paced world of enterprise with us. At TheGossipBlogger.com/enterprise, we offer well timed and insightful coverage on every part from market tendencies and startup success tales to monetary news, entrepreneurship ideas, and global financial shifts.

Whether you are an aspiring entrepreneur, a small enterprise proprietor, or a seasoned govt, our content is designed to inform, empower, and inspire your next transfer in the enterprise world.

Our editorial team dives deep into real-world methods, company profiles, and professional analysis to carry you articles that matter. We simplify advanced enterprise developments and highlight the innovations, challenges, and alternatives shaping industries today.

Make positive to bookmark our Business part and go to often — in a world that never stops transferring, staying informed is your greatest benefit.