Citigroup is cutting hundreds of jobs across the company, with the Wall Street giants investment banking division among those affected.
New Delhi, March 3,2023: Citigroup is cutting hundreds of jobs across the company, with the Wall Street giants investment banking division among those affected.
The cuts amount to less than 1 per cent of Citigroup’s 240,000-person workforce, according to people familiar with the matter, who asked not to be named discussing personnel information, Bloomberg reported.
Staffers across the firm’s operations and technology organization and US mortgage-underwriting arm are also among those affected.
Citigroup CEO has said tech investments can replace manual processes, the report said.
This makes Citigroup the latest US company to lay off staff, following major cuts this week at Thoughtworks, General Motors, Waymo, Twitter, Palantir and Cerebral, Forbes reported.
Since announcing intentions to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has signed sales agreements in nine markets and has now closed sales in seven markets including Australia, Bahrain, Malaysia, the Philippines, Thailand and Vietnam, in addition to India, Citigroup said in a statement.
The firm previously announced wind-downs of Citi’s consumer business in China and Korea, and the wind-down of Citi’s overall presence in Russia is in progress.