Citigroup Plans Fresh March Layoffs Targeting Senior Roles (UPDATED)

Editor’s Note: This article has been updated to include a statement from a Citi spokesperson

Citigroup Inc. (NYSE:C) is preparing for another round of employee layoffs expected in March, following approximately 1,000 job cuts executed earlier this month.

The upcoming reductions are expected to primarily affect managing directors and other senior employees across business lines, according to a source cited by Reuters on Thursday, as the bank continues to streamline operations amid a broader restructuring effort.

The latest cuts form part of a long-term plan announced two years ago to eliminate 20,000 roles by the end of 2026. Citigroup employed about 227,000 people at the end of September and is targeting a reduced headcount of roughly 180,000.

According to Benzinga Pro, Citigroup CEO Jane Fraser said in a recent internal memo to employees that automation and AI will continue to reshape the bank's workforce, meaning some roles will be eliminated, others will change, and new ones will emerge.

She said headcount will keep declining as Citi simplifies operations and boosts productivity, with technology playing a key role in long-term cost cuts and efficiency gains.

In the company's most recent earnings call, Fraser said, “We have been reducing headcount, and we expect that trend to continue.”

A Citi spokesperson told Benzinga the 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."

"We are grateful for the contributions these colleagues have made to Citi," the spokesperson added.

Earnings Snapshot

Citigroup reported mixed fourth-quarter results earlier this month, with adjusted earnings per share of $1.81 beating expectations of $1.68, while revenue of $19.87 billion missed analyst estimates of $20.53 billion.

Net income declined 13% year over year to $2.5 billion, largely due to a $1.1 billion after-tax loss tied to its Russia exit. Net interest income rose 14%, but operating expenses increased 6%, pushing the efficiency ratio higher.

C Price Action: Citigroup shares were down 1.88% at $113.48 at the time of publication on Friday, according to Benzinga Pro data.

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