Citigroup to lay off 286 employees in New York

CITIGROUP will lay off 286 employees in New York, according to filings to the State Department of Labor, at a time the bank is carrying out its biggest overhaul in decades.

Three separate notices dated earlier this week showed the layoffs would impact 239 employees from its primary banking subsidiary, 44 from its broker-dealer unit and three from its technology arm.

Citigroup said in January it would cut 20,000 jobs over the next two years, while acknowledging a “clearly disappointing” quarter marred by one-off charges that resulted in a US$1.8 billion loss.

The lender is aiming to reduce its global workforce by roughly 8 per cent through 2026, including layoffs from the reorganisation, chief financial officer Mark Mason told reporters at the time.

CEO Jane Fraser announced the sweeping reorganisation plan in September to simplify the bank’s structure after divesting from non-core markets and focusing on profitable areas. REUTERS