When will Citigroup's new layoffs occur?

Citigroup is expected to announce a new round of layoffs in March.

Who will be affected by Citigroup's upcoming job cuts?

The upcoming job reductions are expected to primarily affect senior employees.

What is the reason behind Citigroup's ongoing layoffs?

The layoffs are part of CEO Jane Fraser's strategy to reduce costs, fix regulatory problems, and boost profits.

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Citi Cuts More Jobs: Layoffs Hit Senior Staff Again

24 Jan

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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.

Citi Cuts More Jobs: Layoffs Hit Senior Staff Again

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.