Citigroup to Lay Off Managing Directors and Senior Employees in March

Citigroup reportedly plans to lay off an unspecified number of employees in March after cutting about 1,000 jobs this month.

The March layoffs are likely to involve managing directors and senior employees across the bank’s business lines, but the scale and location of the cuts are not yet known, Reuters reported Friday (Jan. 23), citing unnamed sources.

Citigroup told Reuters, per the report: “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.”

Citibank said in September 2023 that it was embarking on a major restructuring of its organization that would eliminate a number of management layers. The new structure elevated the leaders of the bank’s five businesses while also doing away with a number of positions.

Citi CEO Jane Fraser said at the time in a press release: “I am determined that our bank will deliver to our full potential, and we’re making bold decisions to meet our commitments to all our stakeholders.”

In November 2023, the bank said it was making organizational changes across many of its businesses and functions to align its organization with a new, simplified operating model.

It was reported Jan. 12 that the restructuring plan announced two years ago was continuing as Citigroup cut 1,000 jobs. The report added that the bank needed to eliminate several thousand more jobs to reach the target of 20,000 it set when announcing the restructuring.

“We will continue to reduce our headcount in 2026,” Citigroup told Bloomberg at the time in the Jan. 12 report.

PYMNTS reported in October that Fraser’s multiyear effort to rebuild the bank into a leaner, technology-driven institution was beginning to deliver results.

During the third quarter, each of Citi’s five core businesses (Services, Markets, Banking, Wealth and U.S. Personal Banking) achieved record quarterly revenues.

“Investments in new products, digital assets and AI are driving innovation and improved capabilities across the franchise,” Fraser said in an October earnings release. She added that this had put Citi “in a materially different place in terms of our ability to compete.”