Citigroup is laying off hundreds of employees in a decision to cut less than 1% of its workforce. as per various media reports.
A Bloomberg report said that Citigroup was cutting hundreds of jobs across the company, including its investment banking division. As of the fourth quarter of 2022, Citigroup reported a workforce of 240,000 employees. Less than 1% layoffs could imply that around 2,000 employees may be laid off.
Staffers across the firm’s operations and technology organization and US mortgage-underwriting arm are also among those affected.