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Citi Cuts More Jobs: Layoffs Hit Senior Staff Again
24 Jan
Summary
- Citigroup will implement new layoffs in March, following January's cuts.
- The job reductions target senior staff as part of CEO Jane Fraser's plan.
- The bank's workforce decreased significantly by the end of last year.
Citigroup is preparing for a new wave of layoffs expected in March, following a significant reduction of about 1,000 jobs in January. These upcoming cuts, which sources indicate will occur after bonus payouts, are reportedly targeting senior employees.
This development is a key component of CEO Jane Fraser's extensive turnaround strategy, aimed at reducing costs, addressing regulatory issues, and enhancing profitability to compete more effectively. The bank's workforce has already contracted considerably, shrinking from 240,000 in 2022 to 226,000 by the close of the previous year.
Chief Financial Officer Mark Mason confirmed the ongoing trend of headcount reduction, citing it as a method to manage the bank's expense base. Last year alone, the company incurred $800 million in severance-related expenses. While major layoffs were publicly announced in 2023 and 2024 due to management restructuring and asset sales, the current reductions are being executed more discreetly.
Coinciding with these internal adjustments, Citigroup is seeing some regulatory relief. The US Federal Reserve has closed certain notices related to trading risk management, and the Office of the Comptroller of the Currency has rescinded a previous regulatory amendment.
