Citigroup is preparing to cut about 1,000 jobs this week, continuing its multi-year effort to reduce the workforce by 20,000 by the end of 2026.
The New York-based bank had approximately 229,000 full-time employees as of December 31, 2024, according to its latest annual report.
The company did not provide exact numbers for this week's cuts but confirmed in a statement that it will continue reducing staff in 2026.
"These changes reflect adjustments we're making to ensure our staffing levels, locations and expertise align with current business needs," a Citigroup spokesperson said.
According to the NYPost, CEO Jane Fraser, who took charge of Citigroup in 2021, has been leading a major restructuring effort aimed at closing performance gaps with rival banks.
In late 2023, Fraser unveiled a plan to boost earnings, streamline operations, and improve the bank's data governance and risk management systems.
The restructuring has led to notable exits across Citigroup's wealth management and technology divisions.
The latest executive move saw Gonzalo Luchetti promoted to chief finance officer, succeeding Mark Mason.
Citigroup to ax 1,000 jobs this week as part of massive restructuring plan: report https://t.co/LyC4jkk9xh pic.twitter.com/KrCBj2NYvS
— NY Post Business (@nypostbiz) January 13, 2026
Citigroup Eyes Cost Savings
Citigroup's US retail presence is significantly smaller than that of its major competitors, with roughly 650 branches concentrated in six metropolitan areas.
This limited footprint has made efficiency and operational adjustments a priority in Fraser's ongoing strategy.
The bank is set to release its fourth-quarter earnings report on Wednesday, which will offer more insight into the impact of these changes on its financial performance.
Analysts are closely watching how the staff reductions and other efficiency measures will affect profitability and competitiveness, US News reported.
Experts note that workforce cuts are a common tool for banks seeking to manage costs, particularly in an environment of rising expenses and increased competition.
For employees, however, the ongoing reductions mean uncertainty and potential disruption, even as the bank emphasizes strategic alignment with business needs.
Citigroup's plan to trim its workforce has been closely followed since its announcement two years ago, with the ultimate goal of removing roughly 20,000 positions by the end of this year.
This week's estimated 1,000-job reduction is the latest step in that larger plan.
Originally published on vcpost.com
