APRIL 1, 2024 — 430 NEW YORK EMPLOYEES
Citigroup will lay off another 430 employees across different divisions in New York, including 363 employees in Citibank. IT employees and broker-dealers are also impacted. Layoffs are scheduled for June 29, 2024.
MARCH 2, 2024 — ANOTHER 300 NEW YORK EMPLOYEES GONE
In addition to its previously announced cuts, the company is laying off another 300 New York employees, including About 239 workers in the primary banking subsidiary, 44 from its broker-dealer unit, and 3 from its technology arm.
JANUARY 13, 2024 — 20,000 EMPLOYEES AT RISK THROUGH 2026
CFO Mark Mason is promising a reorganization that will see a ten percent reduction in the workforce by 2025 or 2026—impacting an estimated 20,000 employees. The reorganization will be substantially completed by March 31, 2024, which will drive the reduction in force.
Citi says the reorganization will reduce five layers of management, from thirteen to eight with the heads of Citi’s five business units reporting directly to CEO Jane Fraser.
Additionally, another 40,000 employees may be at risk as Citi exits from its consumer banking business in Mexico and elsewhere.
DECEMBER 21, 2023 — PROBLEMS ON THE HORIZON IN 2024
Citigroup has announced that it is shutting down its municipal underwriting and trading units by March 31, 2024, as part of its efficiency and cost-containment initiative.
According to Andy Morton, head of markets, and Peter Babej, interim head of banking, “The economics of these activities are no longer viable given our commitment to increase the firm’s overall returns. We will maintain and further develop our investment banking activities in key sectors of public-private partnership, including transportation, healthcare, and clean energy. Citi has been active in the private placement market, and we see opportunities to grow as the wallet expands.”
NOVEMBER 24, 2023 — 300+ SENIOR MANAGERS GONE
Citigroup has announced that it will be laying off more than 300 senior managers from two levels below Chief Executive Officer Jane Fraser’s executive management team as part of an effort to simplify the organizational structure.
According to a company statement, “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
SEPTEMBER 3, 2022 — LAYOFFS IN MORTGAGE LENDING OPERATION
Citi has announced that it has cut fewer than 100 positions in its mortgage lending operation to address the slowdown in the housing market amid rising interest rates and reduced origination and refinancing activity.
According to a spokesperson, “Citi has made a small number of staffing reductions within our mortgage team due to internal streamlining of functions,”
SEPTEMBER 30, 2020 — Original post…
New York, New York-based Citigroup, an international investment bank and financial services provider, has announced that it is resuming its postponed reduction in headcount. The company estimates that the reduction in force will affect less than 1% of the company's headcount or approximately 2,000 employees.
According to a company spokesperson, "While we never comment on our discussions with regulators, we are completely committed to improving our risk and control environment. We recognize that we are not yet where we need to be and that has to change. We have thus redoubled our efforts and have made improving our risk and control environment a strategic priority.”
“The decision to eliminate even a single colleague role is very difficult, especially during these challenging times. We will do our best to support each person, including offering the ability to apply for open roles in other parts of the firm and providing severance packages.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
