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Citigroup axing 286 New York employees amid layoff spree

Citigroup is cutting about 300 employees in New York as it continues its massive layoffs to keep costs down, according to filings with the state Department of Labor.

Approximately 239 employees will be cut from major bank subsidiaries, 44 from the broker-dealer division and three from the technology division, according to Worker Adjustment and Retraining Notification (WARN) notices filed this week.

The company announced in early January that it would cut 20,000 positions “over the medium term” as part of a reorganization. The job cuts are expected to save the company between $2 billion and $2.5 billion.

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In its latest earnings report, the company reported a net loss of nearly $1.84 billion.

Pedestrians walk past a Citibank branch on April 10, 2023 in San Francisco, California. (Photographer: David Paul Morris/Bloomberg via Getty Images/Getty Images)

Chief Executive Officer Jane Fraser, who took over three years ago, said the fourth quarter was “very disappointing” but that the company had “made significant progress towards simplifying Citi and delivering on its 2023 strategy.” He said he had made “progress.”

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This included a reorganization “around five interconnected core businesses to align our organization with our strategy and increase transparency in our performance.”

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C Citigroup Inc. 55.48 +0.45 +0.81%

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The company said last fall that the reorganization, which included executive cuts, was aimed at “speeding up decision-making, increasing accountability and reinforcing our customer focus.”

The people who run the company are 5 businesses Please report directly to Fraser.

FOX Business’ Aislinn Murphy contributed to this report.

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