Citigroup plans 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 headcount by 20,000 employees by the end of this year.
The New York-based bank had approximately 229,000 full-time employees as of Dec. 31, 2024, according to its latest annual report.
The bank did not reveal the exact number of jobs that will be cut, but said in a statement that it will continue to reduce its workforce in 2026.
“These changes reflect adjustments we are making to ensure our staffing levels, locations and experience are aligned with current business needs,” a company spokesperson said.
Chief executive Jane Fraser, who took up the role in 2021, has been transforming the firm to close the performance gap with its competitors. Fraser unveiled a plan in late 2023 to increase profits, streamline operations and address historical deficiencies in the bank’s data governance and risk management.
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The restructuring has led to a wave of departures in the bank’s wealth and technology units, with the latest reshuffle elevating Gonzalo Luchetti to succeed Mark Mason as chief financial officer.
Citi’s retail presence in the United States is much smaller than that of its largest competitors; It has about 650 branches concentrated in six major metropolitan areas.
The bank will release its fourth-quarter results on Wednesday.
Bloomberg News was the first to report the job cuts.
With information from Reuters
