Citigroup to Slash 20,000 Jobs Over the ‘Medium-Term’

Citigroup plans to eliminate approximately 10 per cent of its workforce, or 20,000 jobs, over the “medium-term.”

What’s happening at Citigroup?

According to news outlets, including CNBC, the reduction at Citigroup is part of CEO Jane Fraser’s corporate overhaul.

While the bank didn’t specify the amount of time that the job cuts will take place over, it has previously used “medium-term” to denote a three- to five-year period.

In a slideshow tied to its fourth-quarter earnings, the company said it expects severance and other costs related to the “organizational simplification” to be between US$700 million and US$1 billion.

Citigroup added that it’s also in the process of spinning out its Mexican operations. The separation is expected to be complete in the second half of the year.

Excluding its Mexican operations, the company employed approximately 200,000 people at the end of 2023.

Layoffs occurring in waves

Citigroup has already executed several waves job cuts — beginning with the top layers of the bank in November.

A source told CNBC that the next reduction is expected to take place on Jan. 22.

Impact in Canada

It remains unclear if Canadian employees will be affected by the next round of layoffs at Citigroup.

Citi Canada claims on its website that it has approximately 1,700 workers across the country.

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