Citigroup Inc. to Cut About 1,000 Jobs This Week as Fraser Trims Costs
Citigroup Inc. is set to cut about 1,000 jobs this week as part of Chief Executive Jane Fraser’s efforts to control costs and enhance returns at the Wall Street bank.
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The company, which currently has 227,000 employees, is reducing its workforce as part of a plan announced two years ago to eliminate 20,000 jobs by the end of 2026.
Streamlining operations and reducing inefficiencies has been a key focus for New York-based Citigroup, which has been lagging behind other major US lenders. Under Fraser’s leadership, the bank has undergone significant changes, including exiting international retail business and restructuring core operations.
“We will continue to reduce our headcount in 2026,” Citigroup said in a statement. “These changes reflect adjustments to align staffing levels, locations, and expertise with current business needs, technological efficiencies, and progress in our transformation efforts.”
This week, Citigroup also plans to announce its full-year results and inform employees about their 2025 bonuses.
Chief Financial Officer Mark Mason had stated earlier that the firm’s headcount would decrease by approximately 60,000 by the end of 2026, reaching around 180,000 employees. This includes 40,000 employees who will leave when the firm lists its retail banking businesses in Mexico through an initial public offering.
To meet this target, the bank will need to eliminate several thousand more jobs this year in addition to the current cuts and list the Banamex business.
In a show of confidence in Fraser’s leadership, she became the first Citigroup CEO since 2007 to also lead the board of directors in October. Additionally, the bank announced CFO Mark Mason’s departure by the end of this year, as he seeks a CEO position elsewhere.
Citigroup’s share price surged by 66% last year, outperforming other major banks. However, the company experienced a 3.1% drop in its share price on Monday after President Donald Trump called for a cap on credit card lending rates charged to US consumers.
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