Citigroup is reportedly planning a fresh round of employee layoffs in March, following approximately 1,000 job cuts earlier this month. According to sources familiar with the matter, the upcoming layoffs are anticipated to be announced after bonuses are distributed. The scale and specific locations affected by these previously unreported plans remain undisclosed. Citigroup is a global financial services company providing a range of banking and investment services. CEO Jane Fraser is currently implementing an extensive restructuring plan aimed at reducing costs, addressing regulatory issues, and improving profitability to align the bank’s performance with its competitors.
The anticipated job cuts in March are expected to impact managing directors and senior employees across various business divisions. One source indicated that some senior managers have already been reassigned to different roles within the company in anticipation of the headcount reductions. Citigroup has stated that it will continue to reduce its workforce in 2026. The bank attributes these changes to adjustments aimed at aligning staffing levels, locations, and expertise with current business needs, as well as efficiencies gained through technology and progress on its transformation efforts.
Chief Financial Officer Mark Mason noted during an earnings call that Citigroup’s workforce decreased from 240,000 in 2022 to 226,000 by the end of the previous year. Mason also highlighted an $800 million expense related to severance payments last year, reinforcing the ongoing trend of headcount reduction. These new rounds of layoffs and a reorganisation announced in November are key components of Fraser’s overall strategy for the company.
Citigroup’s shares experienced a significant gain of 65.8% in 2025, surpassing both its peers and the broader bank stock index. Last year, the bank repurchased $13.25 billion worth of its own stock. However, its shares are down 0.8% so far this year. The company has also received regulatory relief recently, with the U.S. Federal Reserve closing notices that required the bank to fix trading risk management weaknesses.
