New York, NY — Citigroup is reportedly preparing to implement further layoffs in March, following a round of approximately 1,000 job cuts this month, according to sources familiar with the matter. The upcoming workforce reductions are expected to be announced after bonus payments are distributed, although details regarding the scope and locations of these plans remain undisclosed.
The layoffs are part of CEO Jane Fraser’s broader strategic turnaround aimed at reducing costs, addressing regulatory issues, and increasing profitability to compete more effectively with industry rivals. Sources indicate that the March cuts will primarily impact managing directors and senior-level employees across various divisions. Some senior managers have already been reassigned to different units to secure roles ahead of the anticipated reductions.
This month’s layoffs also affected numerous senior staff members, though officials declined to comment publicly on personnel specifics.
In a statement, Citigroup confirmed that workforce reductions will continue into 2026. “These changes reflect adjustments we’re making to ensure our staffing levels, locations, and expertise align with current business needs; efficiencies we have gained through technology; and progress against our Transformation work, which is nearing target state,” the bank said.
Chief Financial Officer Mark Mason noted during an earnings call that Citi’s headcount decreased from approximately 240,000 employees in 2022 to 226,000 by the end of 2023. Mason emphasized that the bank plans to maintain this trend, citing ongoing efforts to align expenses with strategic objectives. Last year, Citi recorded an $800 million expense related to severance packages.
Fraser’s Strategic Restructuring
Since taking on the CEO role in 2021, Jane Fraser has led a series of cost-cutting measures, including layoffs and asset sales, to streamline operations. Fraser, who was elected chair of the board in October, received a one-time $25 million equity award for her progress on the turnaround plan.
While publicly announcing major layoffs in 2023 and 2024, primarily aimed at reducing management layers and divesting assets, sources indicate that recent headcount reductions are being carried out more discreetly, without detailed explanations.
The bank’s efforts are also supported by regulatory relief. The Federal Reserve has closed notices requiring Citi to address weaknesses in trading risk management, and the Office of the Comptroller of the Currency withdrew a 2024 amendment to a 2020 regulatory consent order.
Citigroup’s stock performance has been strong, with shares rising 65.8% in 2025, outperforming peers and broader banking indices. The bank repurchased $13.25 billion in stock last year, though shares have declined by 0.8% so far this year.