Citigroup’s headcount is being further reduced. The most recent round of layoffs will result in the departure of 430 employees from various New York units.
Citibank’s main banking division will lay off 363 employees, while others will be let go from the technology and broker-dealer divisions, according to the financial institution’s filings with the State Department of Labour.
Citigroup announced on March 20 that it would be cutting up to 168 positions at its Dublin office. At the time, it had 3,000 employees in Ireland. The layoff was part of Citigroup’s plan to cut 20,000 jobs over the next two years.
The recent job cuts are not surprising given that the reorganisation was planned last year with the goal of simplifying the organisational structure and focusing on profit-generating areas.
It is worth noting here that Jane Fraser, CEO of Citigroup, saw her total compensation increase by 6% to $26 million in February 2024, reflecting a $1.5 million base salary, a $3.7 million cash bonus, and $20.8 million in deferred stock.
This increase was attributed to her successful implementation of major organisational changes, which were described as the most significant since the 2008 financial crisis.
