Citigroup Inc. (C) is gearing up for another wave of job cuts expected to hit in March, following roughly 1,000 layoffs earlier this month. This time, the axe is falling heaviest on the upper ranks.
The upcoming reductions will primarily affect managing directors and other senior employees across various business lines, according to sources familiar with the matter. It's part of the bank's ongoing effort to streamline operations in what's become a multi-year restructuring push.
These latest cuts aren't happening in isolation. They're part of a broader plan announced two years ago to eliminate 20,000 roles by the end of 2026. Citigroup employed about 227,000 people at the end of September, and the goal is to trim that down to roughly 180,000.
CEO Jane Fraser laid it out plainly in a recent internal memo: automation and AI will continue to reshape how the bank operates. Some roles will disappear, others will evolve, and new ones will emerge. The bottom line? Headcount will keep declining as Citi simplifies operations and pushes for productivity gains, with technology driving much of the long-term cost cutting.
During the company's most recent earnings call, Fraser didn't sugarcoat it: "We have been reducing headcount, and we expect that trend to continue."
