Citigroup is reportedly planning to fire 1,000 employees this week as part of Chief Executive Jane Fraser’s effort to keep a lid on costs and improve returns
at the Wall Street bank, according to a Bloomberg report released on Monday. As per the report, citing people familiar with the matter, the company employed 2,27,000 at the end of September, following its plan to announce two years ago about firing 20,000 employees by the end of the year 2026. The main goal of the New York-based firm is to streamline the banking processes and cut waste. Citigroup’s performance has been lagging compared to the other major lenders in the US. Under the leadership of Fraser, who took charge of Citigroup in 2021, the bank went through a revamp that included exiting much of its international retail business and restructuring its core operations. Citigroup To Reduce Headcount In 2026 Citigroup said in an official statement to Bloomberg, “We will continue to reduce our headcount in 2026. “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.” Meanwhile, two years ago, Chief Financial Officer Mark Mason said that firmwide headcount would be reduced by roughly 60,000 by the end of 2026, to about 180,000 employees in the company. This number includes the 40,000 staffers who will leave when the firm lists its retail banking businesses in Mexico in an initial public offering. In October, Citi underscored its faith in Fraser by appointing her chair of the board, making her the first chief executive to hold both roles at the bank since 2007. A month later, the company said Mason would step down by year-end as he looks to secure a top executive role elsewhere.
