Citigroup is cutting certain roles as part of a broader corporate restructuring to eliminate tens of thousands of jobs by 2026.
According to a new report from Bloomberg, Citigroup laid off several managing directors in its Wealth at Work unit this week, which offers services to clients at professional services firms.
The bank also let go of a team that focuses on obtaining data and analyses for its clients.
Related: Citigroup Slashes 20,000 Jobs: Restructuring or Retreat?
Citigroup’s layoffs arrive as the bank tries to reduce expenses. Citigroup’s CEO Jane Fraser stated in January 2024 that the bank plans to eliminate 20,000 jobs by 2026 to save $2.5 billion.
Jane Fraser. Photo by Win
→ Continue reading at Entrepreneur