The latest move comes after other major Wall Street banks such as Goldman Sachs and Morgan Stanley cut thousands of jobs after a tough year for dealmaking activity, as recessionary fears from the U.S. 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.
Citigroup Inc is laying off less than 1% of its workforce, excluding its remediation team working on a consent order. 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 replacing where that makes sense in light of the environment that we’re in.”
The latest move comes after other major Wall Street banks such as Goldman Sachs and Morgan Stanley cut thousands of jobs after a tough year for dealmaking activity, as recessionary fears from the U.S. 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.
Note-: Citigroup Inc. is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is incorporated in Delaware.
