Citigroup is cutting several roles as part of a broader corporate restructuring to eliminate tens of thousands of jobs by 2026.
According to a new REPORT BY BloombergCitigroup laid off several managing directors at its Wealth at Work unit this week, which provides services to clients at professional services firms.
The bank also let go of a team that focuses on getting data and analytics for its customers.
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The layoffs from Citigroup come as the bank tries to cut costs. Citigroup CEO Jane Fraser declared in January 2024 that the bank plans to eliminate 20,000 jobs by 2026 to save $2.5 billion.
Jane Fraser. Photo by Win McNamee/Getty Images
The bank ended 2023 with a workforce of 240,000 people. He cut it 7000 roles within the first quarter of 2024 and ended 2024 with 229,000 employees for a reduction of about 10,000 roles in one year, according to Bloomberg.
“We went through a significant simplification of our organization, removing layers of management and the regional construct,” Fraser said in a call earnings on Wednesday. “This has accelerated decision-making and made us a better partner for our customers.”
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Citigroup CFO Mark Mason said earlier this week that the bank will double what it usually charges for severance pay this year. Severance costs are typically about $300 million for the bank, he said, but will be $600 million in 2025.
In 2024, severance costs for Citigroup were even higher, close to $700 million.