Citigroup set to cut about 1,000 jobs this week, source says

Citigroup is set to cut about 1,000 jobs this week, a source familiar with the matter told Reuters on Monday, as part of a plan announced two years ago to reduce the workforce by 20,000 by the end of this year.

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

The bank did not disclose the number of jobs to be cut, but said in a statement it would continue to reduce the headcount in 2026.

“These changes reflect adjustments we’re making to ensure our staffing levels, locations and expertise align with current business needs,” a company spokesperson said.

Chief executive Jane Fraser, who took the helm in 2021, has been reshaping the firm to close a performance gap with rivals. Fraser had presented a plan in late 2023 to increase earnings, streamline operations and address long-standing deficiencies in the bank’s data governance and risk management.

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

Citi's US retail footprint is much smaller than bigger rivals; it has about 650 branches concentrated in six major metropolitan areas.

The bank will report its fourth-quarter results on Wednesday.

Reuters