Overview
- Citigroup said it is cutting roughly 1,000 roles this week and confirmed it will keep reducing headcount through 2026 as part of its multi‑year overhaul.
- In an internal memo, CEO Jane Fraser told employees “the bar is raised” and wrote, “We are not graded on effort. We are judged on our results.”
- Outgoing CFO Mark Mason said headcount should continue to trend down as productivity improves through AI and process simplification.
- The bank reported about 229,000 employees at the end of 2024 and has previously outlined a plan to remove roughly 20,000 roles by end‑2026, with a planned Mexico retail IPO expected to take tens of thousands off consolidated headcount when completed.
- Shares fell nearly 3% as investors weighed the latest cuts, with management saying more than 80% of the Transformation program is complete.