Citigroup layoffs 2026
Citigroup layoffs 2026: Citigroup may announce another round of layoffs in March, following a recent round that cut about 1,000 jobs earlier this month, Reuters reported, citing sources familiar with the matter. The new cuts are expected to be announced after bonuses are paid, though the scale and locations affected have not been disclosed.
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The layoffs are part of CEO Jane Fraser’s ongoing plan to cut costs, address regulatory issues, and boost profits.
When will Citigroup's next layoffs happen?
Reuters' sources said that the next round is expected in March, after bonuses are paid.
Citigroup Layoffs 2026: March Job Cuts Likely to Target Senior Employees
The March layoffs are likely to target managing directors and senior employees across business lines, with some senior managers reportedly reassigned to other divisions to secure their positions ahead of reductions, as per the report. Reuters' sources said that many senior employees were also affected in the recent round of cuts.Citigroup Severance Costs and Financial Implications of Layoffs
Citi’s workforce has already shrunk from 240,000 employees in 2022 to 226,000 by the end of last year. Chief Financial Officer Mark Mason added that the bank spent $800 million on severance payments last year and said that, "We have been reducing headcount and expect that trend to continue as we take a step back and look at the trajectory of our expense base," as quoted by Reuters.Also read: Word of the day: Aphorism
Citi Workforce Shrinks as Part of Cost-Cutting Strategy
The layoffs and organizational changes are part of CEO Jane Fraser’s ongoing turnaround plan, aimed at cutting costs, addressing regulatory issues, and boosting profits. Fraser, who became CEO in 2021, was awarded $25 million in equity for her progress and was elected chair of the board in October.Discreet Implementation of Recent Citigroup Layoffs
Previous layoffs in 2023 and 2024 were publicly announced, but Reuters' sources said the latest reductions are being implemented more discreetly.Regulatory Relief Supporting Citigroup’s Strategy
The bank is also seeing regulatory relief, with the Federal Reserve closing notices related to trading risk management weaknesses and the Office of the Comptroller of the Currency withdrawing a 2024 amendment to a 2020 consent order.Also read: Quote of the day by George Soros: 'The financial markets generally are unpredictable. So that one has to have...' - lessons on market psychology and smart investing
Citi (C) Stock Performance Amid Workforce Reductions
Despite workforce reductions, Citi’s (C) stock performed strongly in 2025, gaining 65.8 percent and outperforming peers and the broader bank index. The bank also bought back $13.25 billion in stock last year, though shares have dipped 0.8 percent so far this year.FAQs
Why is Citigroup laying off employees again?The layoffs are part of CEO Jane Fraser’s ongoing plan to cut costs, address regulatory issues, and boost profits.
When will Citigroup's next layoffs happen?
Reuters' sources said that the next round is expected in March, after bonuses are paid.
