Citigroup will be cutting around 1,000 jobs this week, a source familiar with the matter told Reuters. This comes as part of a plan announced two years ago, to reduce the workforce by 20,000 by the end of the year.
The New York City-based investment bank had about 229,000 full-time employees as of Dec. 31, 2024, according to its latest annual report. While the exact number of cuts were not disclosed, Citigroup said in a statement that it would continue to reduce the headcount in 2026.
“These changes reflect adjustments we’re making to ensure our staffing levels, locations and expertise align with current business needs,” a company spokesperson said.
CEO Jane Fraser, who took on the role in 2021 has been reshaping the company to close the gap with its rivals, according to Reuters. Fraser had presented a plan in late 2023 to increase earnings, streamline operations and address long-standing deficiencies in the bank’s data governance and risk management. This led to a number of exits and changes.
The latest change involved Gonzalo Luchetti succeeding Mark Mason as chief finance officer. Meanwhile, Shobhit Varshney, a longtime IBM executive has been appointed the bank’s new global head of AI, in a move that highlights the growing relevance of AI in the banking sector.
Citigroup is not the only major company that announced layoffs in the first month of 2026. Bloomberg reported that Meta is planning to cut 10% of its workforce in the company’s Reality Labs sector as it plans to restructure to put more money into AI. According to the report, the Meta job cuts are expected later this week as the company wants to shift money away from some virtual reality products and into other AI wearables.
BlackRock also announced it will fire hundreds of employees across the company, becoming the latest Wall Street firm to announce job cuts. According to a Bloomberg report that cites people familiar with the matter, the BlackRock layoffs will see around 1% of its workforce being let go, translating to around 250 employees across divisions.
This comes amid a rise in layoffs across different industries. 2025 saw job cuts spanning multiple sectors, including technology, retail, professional services and manufacturing, often as part of broader corporate restructuring efforts. The rise in layoffs continues to raise questions about job security, as well as the impact of artificial intelligence and automation in the job market.