Citigroup is set to lay off 286 employees in New York as part of its largest restructuring effort in decades. Three separate notices issued earlier this week revealed that 239 employees from its primary banking subsidiary, 44 from its broker-dealer unit, and three from its technology arm will be affected by the layoffs.
In January, Citigroup announced plans to cut 20,000 jobs over the next two years, following a disappointing quarter marked by significant one-off charges resulting in a $1.8 billion loss. Chief Financial Officer Mark Mason stated that the bank aims to reduce its global workforce by approximately 8% by 2026, including layoffs resulting from the reorganization.
The restructuring plan, announced by CEO Jane Fraser in September, is designed to simplify Citigroup's structure following divestments from non-core markets and a focus on profitable areas.