Citigroup to star next layoff wave in March

Citigroup Inc is thought likely to follow up around 1,000 recent job cuts with further layoffs in March, Reuters reported on Friday.

Two "sources with knowledge of the matter" told Reuters that the New York-based bank is expected to announce the new wave of job cuts after bonuses have been paid.

Reuters said the sources did not specify the scale or location of the planned layoffs. However, one said that they are likely to affect managing directors and senior employees across business lines, adding that some senior managers "have already been reassigned to different divisions to secure roles before headcount is reduced".

Citi has stated that it intends to continue reducing headcount this year, saying: "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, which is nearing target state."

Previously, in mid-January, Reuters reported that Citi would be cutting around 1,000 jobs that week, having announced in early 2024 that it would aim to reduce its global headcount by 20,000 people or approximately 8% of its workforce at the time.