Citigroup cutting around 10% of its workforce early in 2024.
© Erin Bormett / Argus Leader, Sioux Falls Argus Leader via Imagn Content Services, LLC + © Jack Gruber-USA TODAY
(New York, NY) – Citigroup, one the nation’s largest banking institutions, is cutting 10% of its workforce. The company made the announcement while publishing its fourth-quarter earnings. Upward of 20,000 employees will be laid off over the “medium term” in what Citigroup calls a restructuring plan.
Currently, Citigroup has about 200,000 workers on its payroll. In December, Citigroup CEO Jane Fraser testified at a Senate Banking, Housing, and Urban Affairs Committee oversight hearing. The stated goal was to examine Wall Street firms and their practices.
