Citigroup is set to cut about 1,000 jobs this week as part of an ongoing effort to rein in costs and improve returns. The latest round of layoffs forms part of a restructuring plan unveiled two years ago, which aims to eliminate 20,000 roles by the end of 2026, reported Bloomberg.
In a statement to MARKETING-INTERACTIVE, a Citi spokesperson said the bank will continue reducing headcount into 2026 as it adjusts staffing levels, locations and expertise to better align with current business needs. The reductions also reflect efficiency gains from technology and progress in its transformation programme, which the bank said is nearing its target state. The spokesperson added that Citi remains grateful for the contributions made by affected employees.
As of end-September 2025, the bank had around 227,000 employees.
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The job cuts come during a busy week for the bank, with its full-year results and 2025 bonus announcements reportedly scheduled for Wednesday.
Two years ago, chief financial officer Mark Mason said the bank’s global headcount would fall by about 60,000 roles by the end of 2026, bringing the workforce to roughly 180,000 employees.
The move comes amid broader workforce recalibrations across the banking sector, as financial institutions increasingly turn to technology to drive efficiencies.
In August last year, Australian bank ANZ cut approximately 3,500 employees as part of a restructuring plan. The reduction represents nearly 8% of its full-time workforce.
Similarly, in February last year, DBS Group Holdings said it plans to reduce around 4,000 contract and temporary roles over the next three years, as artificial intelligence takes on more tasks traditionally handled by humans. A DBS spokesperson told MARKETING-INTERACTIVE at the time that the reduction would occur through natural attrition as project-based roles conclude, adding that permanent staff across its markets would not be affected.
The bank also said it would continue investing in upskilling and reskilling efforts, with about 13,000 employees identified for training. At the time of reporting, more than 10,000 staff have since begun learning programmes, including in areas such as AI and data.
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