Citi to cut about 1,000 jobs this week as CEO trims costs
Sign up now: Get ST's newsletters delivered to your inbox
The US banking giant, which had 227,000 employees at the end of September 2025, plans to eliminate 20,000 jobs by the end of 2026.
PHOTO: REUTERS
NEW YORK - Citigroup is set to cut about 1,000 jobs this week as part of chief executive Jane Fraser’s march to keep a lid on costs and improve returns at the Wall Street bank.
The US banking giant, which had 227,000 employees at the end of September, is culling its ranks as part of a plan announced two years ago to eliminate 20,000 jobs by the end of 2026, according to people familiar with the matter.
Streamlining the bank and cutting waste has been a key goal for New York-based Citigroup, whose performance has long been a laggard compared with other major US lenders.
Under Ms Fraser, who took the helm in 2021, the bank has undergone a revamp that has included exiting much of its international retail business and restructuring its core operations.
“We will continue to reduce our headcount in 2026,” Citigroup said in a statement. “These changes reflect adjustments we’re making to ensure our staffing levels, locations and expertise align with current business needs; efficiencies we have gained through technology; and progress against our transformation work.”
It’s a busy week for Citigroup, which also plans to report full-year results on Jan 14 and inform staff of their bonuses for 2025.
Chief financial officer Mark Mason said two years ago that firmwide headcount would decline by roughly 60,000 by the end of 2026, to about 180,000 employees. That includes the 40,000 staff that will leave when the firm lists its retail banking businesses in Mexico in an initial public offering.
To reach that target, the bank will still need to eliminate several thousand more jobs in 2026 on top of this week’s cuts, as well as list the Banamex business.
In October, in a sign of confidence in Ms Fraser’s leadership, she became the first Citigroup chief executive since 2007 to also lead its board of directors. In November, the bank also announced Mr Mason’s departure by the end of this year, as he searches for a CEO job elsewhere.
Citigroup’s share price soared 66 per cent in 2025, more than any other major bank. But the company, which is a major credit card issuer, took a hit on Jan 12 – falling about 3.1 per cent – after US President Donald Trump demanded a cap on card lending rates charged to US consumers. BLOOMBERG
