Citigroup plans to lay off 430 employees across various divisions in New York, the bank said in a filing Monday with the state Department of Labor.
The job cuts will affect 363 employees at Citibank, the company’s main banking division. Employees in the technology and broker-dealer sectors will also be affected, according to the filing.
The bank last week completed its biggest overhaul in decades as part of efforts to simplify the organization and improve performance.
The restructuring announced in September reduced the number of management layers from 13 to eight as part of an effort to reduce bureaucracy.
Citi has also set a goal of reducing its global workforce by 20,000 over the next two years.
The lender did not immediately respond to a request for additional comment.
The latest round of layoffs is scheduled for June, according to the filing.
The bank’s chief executive, Jane Fraser, announced in January that Citi had cut 1,500 management jobs, representing 13% of its global executive workforce.
The changes would result in savings of about $1 billion a year, she said at the time.
Citi is aiming to improve its profit and share price performance, which has lagged behind its competitors. Wells Fargo analyst Mike Mayo, who rates Citi stock as a top pick, previously said 2024 is part of a “multi-decade inflection point” for the bank.
Citi’s stock price has risen nearly 23% this year as of last week’s close, outpacing rivals JPMorgan Chase, Bank of America and Wells Fargo.
It also outperformed the S&P 500 Bank Index, which rose 14.4%.
