Citigroup Inc is said to be the latest global firm joining the growing list of ‘employee right-sizing’ moves, with reported plans to layoff less than one percent of its workforce.
A Bloomberg News report said the Wall Street bank was cutting hundreds of jobs across the company, including its investment banking division.
The layoff plan will exclude the bank’s remediation team working on a consent order, Reuters reported, citing people familiar with the matter.
The wire service, however, said the bank declined its request for a comment on the issue.
Citigroup’s remediation team works on a 2020 consent order issued by regulators requiring it to improve its risk management and internal controls, following which it has invested heavily in addressing the issues.
Citigroup Chief Financial Officer Mark Mason said in a January earnings briefing that “we’re actively hiring to execute against our strategy. But we’re also re-pacing where that makes sense in light of the environment that we’re in.”
Citibank’s move comes after other major Wall Street banks such as Goldman Sachs and Morgan Stanley cut thousands of jobs after a tough year for deal making activity, as recessionary fears from the US Federal Reserve’s stringent monetary policy weighed on investor sentiment and valuations.
As of its fourth quarter in 2022, Citigroup reported a workforce of 240,000 employees.
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