New York: Citigroup is expected to lay off more employees in March following a round of about 1,000 job cuts this month, according to two sources with knowledge of the matter. The new wave of layoffs is expected to be announced after bonuses are paid, said the sources, who did not specify the scale or location of the previously unreported plans.
They come as Citi CEO Jane Fraser continues a sweeping turnaround plan designed to cut costs, fix regulatory problems and boost profits to help the bank catch up with rivals. The March layoffs are likely to affect managing directors and senior employees across business lines, according to one of the sources. Some senior managers have already been reassigned to different divisions to secure roles before headcount is reduced, the source said.
The cuts this month also affected many senior employees, the second source said. The sources declined to be identified discussing personnel matters. In a statement, Citigroup said the bank will continue to reduce 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 target state.”
Chief Financial Officer Mark Mason said during an earnings call Citi’s workforce shrank from 240,000 in 2022 to 226,000 employees by the end of last year. “We have been reducing headcount and expect that trend to continue as we take a step back and look at the trajectory of our expense base,” Mason told analysts in a separate earnings call, highlighting the $800 million expense related to severance last year.
