Location: New York, NY, USA.
Based on news reporting.
Citigroup Inc. has announced significant job cuts as part of a broader corporate restructuring effort. The bank is set to lay off approximately 5,000 employees, primarily affecting its operations in New York. This decision comes in response to ongoing challenges in the financial sector and aims to streamline operations and reduce costs. The layoffs are expected to take effect by the beginning of October 2023. Citigroup's leadership has indicated that these cuts are necessary to enhance efficiency and adapt to the changing market landscape. The company is also exploring other measures to improve its financial performance amidst increasing competition.
Citigroup Inc. cut 5,000 jobs as of October 1, 2023.
That is roughly 2.2% of the 229,000 people Citigroup Inc. employs.
LayoffTalk has tracked 13 layoff events at Citigroup Inc. since January 2023, affecting a combined 12,500 employees.
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