Citi Announces 1,000 Layoffs in Ongoing Restructuring Effort

Part of Broader Workforce Reduction Plan

Citigroup, the multinational financial services giant from the United States, is set to lay off 1,000 employees this week as part of its ongoing restructuring efforts. This latest round of job cuts is part of a larger plan announced two years ago to reduce the bank's global workforce by 20,000 employees by the end of 2026.

Strategic Workforce Alignment

The decision to cut 1,000 jobs reflects Citi's efforts to align its workforce with current business needs. As of December 31, 2024, the bank had approximately 229,000 permanent employees worldwide. While the exact distribution of the layoffs was not disclosed, the bank confirmed that the restructuring process will continue through 2026.

Management's Perspective

A Citi spokesperson stated, "These changes reflect the adjustments we are making to ensure our headcount, locations, and skill sets are aligned with our current business requirements." This statement underscores the bank's commitment to adapting its operations to the evolving financial landscape.

Context and Implications

The layoffs come as part of Citi's broader strategy to optimize its global operations. While specific details about the affected departments or regions were not provided, the bank's comprehensive restructuring plan suggests a significant shift in how the organization approaches its workforce management.