Citigroup Plans March Layoffs Amid Workforce Reduction, Sources Reveal

Citigroup is preparing for another round of layoffs, anticipated to take place in March. This follows a recent reduction of approximately 1,000 positions earlier this month.

Details on Upcoming Layoffs

The forthcoming layoffs are expected to impact managing directors and senior staff across various business lines. Reports indicate that some senior managers have already been reassigned in anticipation of workforce reductions. However, specifics regarding the scale and locations of these layoffs remain unconfirmed.

Background of Recent Changes

The current workforce reduction is part of CEO Jane Fraser’s broader efforts to restructure the bank. After taking over in 2021, Fraser initiated a turnaround plan aimed at reducing costs and fixing regulatory issues.

• In 2022, Citigroup’s workforce was around 240,000.
• This number decreased to 226,000 by the end of 2023.
• The bank incurred $800 million in severance expenses last year.

Financial Performance and Corporate Strategy

While Citigroup continues to navigate these layoffs, the bank has experienced notable financial growth. In 2025, its shares climbed by 65.8%, significantly outperforming rivals and broader banking indices.

The bank also executed a stock buyback worth $13.25 billion last year. However, shares are down by 0.8% so far this year, indicating ongoing market challenges.

Regulatory Environment

These staffing adjustments coincide with recent regulatory relief for Citigroup. The U.S. Federal Reserve lifted certain restrictions, which required the bank to enhance its trading risk management processes. Additionally, a previous amendment to a regulatory agreement was withdrawn, allowing for more operational flexibility.

Future Outlook

Looking ahead, Citigroup is committed to ongoing workforce reductions in 2026 as part of its transformation strategy. Fraser’s approach appears to prioritize efficiency and alignment of staffing levels with current business needs.

As more details emerge about the upcoming layoffs, stakeholders will be keenly observing how these changes affect Citigroup’s operational landscape and long-term profitability.