Citigroup announces layoffs of 286 employees in New York: Report

Citigroup is set to lay off 286 employees in New York, as disclosed in recent filings with the State Department of Labour.

According to Reuters, the filings, dated earlier this week, reveal that the job cuts will affect 239 employees from its primary banking subsidiary, 44 from its broker-dealer unit, and three from its technology arm.

The decision to cut jobs aligns with Citigroup’s broader plan, announced in January, to eliminate 20,000 jobs over the next two years.

The bank, grappling with a “clearly disappointing” quarter marked by significant one-off charges resulting in a $1.8 billion loss, aims to streamline its operations.

Chief Financial Officer Mark Mason stated that the restructuring is part of an effort to reduce the global workforce by approximately 8 per cent through 2026.

Citigroup’s CEO, Jane Fraser, unveiled the comprehensive reorganisation plan in September.

The strategy involves simplifying the bank’s structure, focusing on profitable areas, and divesting from non-core markets.

The layoffs in New York are a crucial component of this broader initiative, emphasising the bank’s commitment to adapt to the evolving financial landscape and enhance operational efficiency.

While the filings specify the impact on employees from different units, the exact roles and positions affected remain undisclosed.