Citigroup, a global American investment bank and financial services provider, plans to let go of 286 workers in New York. The bank, which is undergoing a significant transformation, announced in January 2024 that it would eliminate 20,000 positions over the following two years.
Three different letters from the company indicated that this wave of layoffs will impact 239 workers from its major banking arm, 44 from its broker-dealer section, and three from its technology segment, according to a Reuters report.
Mark Mason, the company’s chief financial officer, announced in January that Citigroup intended to cut 8% of its global personnel by the year 2026.
Jane Fraser, the CEO of Citigroup, had revealed in September that the bank will be undergoing a comprehensive reorganization plan to streamline its structure following its exit from non-core markets and concentration on lucrative regions.