Headcount at Citigroup is being reduced further. The latest round of layoffs will see 430 employees from across units in New York being let go.
The main banking division, that is, Citibank will see 363 employees being laid off, while others will be let go from the technology and broker-dealer divisions as per the financial institution’s filings with the State Department of Labour.
On 20 March, Citigroup had revealed its decision to trim up to 168 positions at the Dublin office. At the time, it had 3,000 employees in |Ireland. The layoff was part of Citigroup’s aim to slash 20,000 jobs over the next two years.
In early March, Citigroup had announced that it would let go 286 of its employees in New York as part of its attempt to cut its workforce strength by eight per cent, globally. It had stated then that it hoped to complete this reorganisation by 2026.
The recent job cuts do not really come as a surprise as the reorgansiation exercise was planned last year itself with the aim of simplifying the organisational structure and concentrating on the areas with potential for profit.
It is pertinent to mention here that Jane Fraser, CEO, Citigroup, witnessed her total compensation rising by six per cent to $26 million in Februaru 2024, reflecting a $1.5 million base salary, a $3.7 million cash bonus, and $20.8 million in deferred stock.
This increase was attributed to her successful execution of major organisational changes, praised as the most significant since the 2008 financial crisis.
