Archive · 24 Jan 2026
Citigroup Plans March Job Cuts After Bonuses
Citigroup, a big bank, is planning to cut more jobs in March 2024.
This is part of their plan to make the company work better and save money.
They have already cut about 1,000 jobs this month and more in 2023 and 2024.
The boss, Jane Fraser, is leading this change.
They spent $800 million last year on paying people who lost their jobs.
The bank wants to have fewer people working there by 2026.
They are also moving some senior employees to different jobs to help them keep working at the bank.
Citigroup plans to announce job cuts in March 2024 after annual bonuses are paid.
The layoffs are part of an ongoing effort to streamline operations and reduce costs.
Managing directors and other senior employees across multiple business lines will be affected.
Citigroup's workforce has declined to 226,000 employees by the end of 2023, down from 240,000 in 2022.
The bank incurred $800 million in severance-related expenses last year and expects further reductions.
- Who
- Citigroup, CEO Jane Fraser, CFO Mark Mason
- What
- Planned job cuts and restructuring
- When
- March 2024 (planned), 2023 and 2024 (announced), 2026 (planned)
- Where
- Multiple business lines and locations (not specified)
- Why
- To streamline operations, reduce costs, and reshape the business under a multi-year turnaround strategy
- Company
- Citigroup
- CEO
- Jane Fraser
- CFO
- Mark Mason
- Current Workforce
- 226,000 employees (end of 2023)
- Severance Expenses (2023)
- $800 million
- Previous Workforce (2022)
- 240,000 employees
- Layoffs Timeline
- March 2024 (planned), 2023 and 2024 (announced), 2026 (planned)
- CEO Tenure
- Since 2021
