Citigroup Plans Further Job Cuts Amid Restructuring Efforts

Citigroup is set to announce another round of layoffs in March 2026, following the recent elimination of approximately 1,000 jobs earlier this month. These upcoming cuts are expected to primarily affect managing directors and senior employees across various business lines. The specific scale and locations of the layoffs remain undisclosed, but they are anticipated to occur after bonuses are distributed to employees.

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The planned layoffs are part of a broader restructuring initiative led by CEO Jane Fraser, who has been implementing a strategy aimed at reducing costs, addressing regulatory issues, and enhancing profitability. Since Fraser took over in 2021, Citigroup has aimed to streamline its operations, which includes a target of reducing its workforce from 240,000 employees in 2022 to approximately 180,000 by the end of 2026. As of the end of 2025, the workforce had already decreased to 226,000.

Citigroup plans to lay off more employees in March — who will get impacted? Here's what report says

A Citigroup spokesperson stated, “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.” This sentiment echoes the bank's ongoing commitment to adapt its workforce in line with evolving operational requirements.

Citigroup to Lay Off Managing Directors and Senior Employees

Insiders at Citigroup have expressed concerns regarding the performance review process, which they believe may be contributing to the layoffs. Employees who historically received high ratings have reported receiving lower evaluations this year, leading to apprehension about job security. One employee noted, “I got dreadful ratings for the first time in 10 years at the bank,” indicating a perceived shift in the bank's evaluation criteria.

Citi insiders with poor appraisals apprehensive ahead of cuts before and after bonuses

The layoffs are part of a cost-cutting strategy that has seen Citigroup spend approximately $800 million on severance payments in the previous year. Despite these reductions, the bank's stock performance has shown resilience, with shares gaining 65.8% in 2025, although they have dipped 0.8% in early 2026. Citigroup also repurchased $13.25 billion in stock last year, reflecting a focus on enhancing shareholder value amid ongoing restructuring efforts.

Citigroup Plans Further Job Cuts in March

As Citigroup prepares for the March layoffs, the bank continues to emphasize its commitment to aligning its workforce with business needs and technological advancements. The upcoming job cuts are expected to be part of a larger trend of headcount reductions as the bank seeks to navigate competitive pressures and regulatory challenges in the financial sector.

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