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Citi said to cut less than 1% of workforce, with investment-banking staff targeted

Mar. 02, 2023 2:25 PM ETCitigroup Inc. (C)By: Max Gottlich, SA News Editor8 Comments

Writedowns Cost Citigroup $2.5 Billion Loss In 2nd Quarter

Justin Sullivan/Getty Images News

  • Citigroup (NYSE:C) is laying off less than 1% of its 240,000-person workforce, with employees across its investment banking arm, U.S. mortgage-underwriting unit and operations and technology segment among those affected, Bloomberg reported Thursday, citing people with knowledge on the matter.

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Comments (8)

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Citi is waiting for the Fed to approve its plan and Mexico to close its operations. When these are behind Citi it will roar ahead. Nibble now ahead of the explosion.
Anyone knows why bank stocks are so weak today?
Waiting on Mexico closure? Stress test results? Resumption of stock buyback.
Normal attrition will reduce the total number of employees by approximately 7,200 given a 3% annual attrition rate. So is the 1% on top of normal attrition or does it mean they'll limit hiring this year to just 4,800?
Wow less than 1%, incredible.... Probably should be 10%.
Winnertakesall profile picture
10% would be better.... start with all the HR/DE&I people first.
@Winnertakesall equity and diversity is a total waste and ceos are starting to wake up
@Winnertakesall AMEN. Don’t forget the “ happiness director”
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