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Citigroup is cutting nearly 300 workers in New York as it continues its massive layoff spree in an effort to reign in expenses, according to filings with the State Labor Department.
About 239 workers in the primary banking subsidiary, 44 from its broker-dealer unit and three from its technology arm are getting cut, according to Worker Adjustment and Retraining Notification (WARN) notices filed this week.
In early January, the company announced that it was cutting 20,000 roles “over the medium-term,” as part of a reorganization effort. The cuts are slated to save the company between $2 billion and 2.5 billion.
CITIGROUP OUTLINES PROCESS FOR LAYOFFS, REASSIGNMENTS IN MEMO
In its most recent earnings report, the company reported nearly $1.84 billion in net losses.
A pedestrian passes a Citibank branch in San Francisco, California, on April 10, 2023. (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)
CEO Jane Fraser – who took over three years ago – said the fourth quarter was “very disappointing” but that the company made “substantial progress simplifying Citi and executing our strategy in 2023.”
CITIGROUP REORGANIZES BUSINESS MODEL TO STREAMLINE OPERATIONS
This included restructuring “around five core, interconnected businesses to align our organization with our strategy and to provide greater transparency into their performance.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| C | CITIGROUP INC. | 55.53 | +0.49 | +0.90% |
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Last fall, the company said that the corporate reshuffling, which included cutting layers of management, is meant to “speed up decision making, drive increased accountability and strengthen the focus on clients.”
The people running the company’s five businesses report directly to Fraser.
FOX Business’ Aislinn Murphy contributed to this report.
