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Citigroup set to cut about 1,000 jobs this week: Report
Citigroup plans to cut 1,000 jobs this week as part of a multi-year strategy to reduce 20,000 roles by 2026 and improve cost efficiency under CEO Jane Fraser.
- This week, Citigroup will cut about 1,000 jobs as part of CEO Jane Fraser’s cost-cutting efforts, according to the source.
- A plan two years ago set multi‑year job cuts aiming to eliminate 20,000 jobs by the end of 2026, with Mark Mason, Chief Financial Officer, forecasting a firmwide drop to about 180,000 employees.
- Under Jane Fraser, Citigroup has reshaped its international footprint, exiting much of its retail business and restructuring core operations, while listing Banamex will remove 40,000 staffers and require more cuts this year.
- Citigroup will cut about 1,000 jobs this week, and shares fell about 3.1 per cent on Monday after President Donald Trump demanded a cap on card lending rates.
- Management frames cuts as part of efficiency and alignment efforts, with CFO Mark Mason leaving this year and Fraser becoming the first CEO since 2007 to lead the Citigroup board.
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Citigroup CEO Jane Fraser warns of job cuts and says it's time to raise the bar in a fiery memo to staff: 'we are not graded on effort'
Fortune's Most Powerful Woman on Wall Street is cutting 1,000 jobs now, with tens of thousands more to come as she says "old, bad habits" are over.
·New York, United States
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Citi Moves Ahead With 1,000 Job Cuts as Fraser’s Overhaul Continues
Citigroup is moving forward with about 1,000 job cuts this week, according to people familiar with the matter and a report from Bloomberg. The reductions extend CEO Jane Fraser’s multi-year drive to simplify the bank and push down expenses as it works to improve returns. The latest cuts fit within a target Citi has discussed since 2023 to eliminate 20,000 roles by the end of 2026. The bank had about 229,000 full-time employees at the end of 2024…
Coverage Details
Total News Sources17
Leaning Left1Leaning Right3Center3Last UpdatedBias Distribution43% Center, 43% Right
Bias Distribution
- 43% of the sources are Center, 43% of the sources lean Right
43% Right
14%
C 43%
R 43%
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