Citigroup is set to reduce its workforce by roughly 1,000 positions this week, reported Reuters citing a source.
This development is part of a previously announced initiative aimed at cutting around 20,000 jobs by the end of this year.
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Bloomberg News first reported the latest round of job cuts.
The bank reported a total workforce of about 229,000 full-time staff at the close of 2024, as detailed in its annual report.
It indicated that further reductions in employee numbers would continue into 2026, though it did not confirm the exact number of redundancies.
In a statement to Retail Banker International, a Citi spokesperson said: “We will continue to reduce our headcount in 2026.
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By GlobalData“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. We are grateful for the contributions these colleagues have made to Citi.”
Jane Fraser, who became CEO in 2021, has undertaken a significant organisational restructuring.
In late 2023, Fraser introduced a plan focused on improving profitability, streamlining business processes, and addressing issues related to risk management and data oversight.
As a result of these ongoing changes, there have been notable departures within Citigroup’s wealth management and technology departments.
In addition, recent leadership changes have seen Gonzalo Luchetti named as chief financial officer, taking over from Mark Mason.
Citigroup’s consumer banking network in the US is smaller than those of some larger competitors, with approximately 650 branches concentrated in six major cities.
Last year, Citigroup reduced its workforce by about 3,500 positions at two of its technology centres in China, according to a report from Reuters.
The reduction was part of an effort to consolidate and simplify the bank’s global technology operations, with the objective of strengthening risk management and improving data systems.
