Citigroup is reportedly planning a new round of layoffs in March, after cutting nearly 1,000 jobs earlier this month. According to sources familiar with the matter, the upcoming holidays will be announced after the bonus is distributed. The scale and specific locations affected by previously unreported projects are unknown. Citigroup is a global financial services company that provides a variety of banking and investment services. CEO Jane Fraser is currently pursuing an extensive restructuring plan aimed at cutting costs, addressing regulatory issues, and improving profitability to bring the bank’s performance in line with its competitors.
The job cuts expected in March are expected to affect managing directors and senior employees in various business divisions. A source indicated that some senior managers have already been reassigned to different roles within the company in anticipation of headcount reductions. Citigroup has said it will continue to reduce its workforce in 2026. The bank attributes these changes to adjustments aimed at aligning staffing levels, locations and skills with current business needs, as well as capabilities and growth brought about by technology and development on its transformation efforts.
Chief Financial Officer Mark Mason noted during an earnings call that Citigroup’s workforce will shrink from 240,000 to 226,000 in 2022. Mason also highlighted $800 million in costs related to severance payments last year, reinforcing the ongoing trend of headcount reductions. These new round of roofs and a restructuring announced in November are key components of Fraser’s overall strategy for the company.
Citigroup shares have gained a remarkable 65.8 percent in 2025, outperforming both its peers and the broader bank stock index. Last year, the bank bought back $13.25 billion worth of its stock. However, its shares are down 0.8% so far this year. The company also recently received regulatory relief, with the US Federal Reserve closing notices requiring the bank to fix trading risk management weaknesses.
Post Comments: 28
