US Banking Giant Citigroup To Cut 1,000 Jobs This Week: Report

U.S. banking giant Citigroup is reportedly cutting 1000 jobs this week as part of its CEO Jane Fraser's cost-cutting efforts.

The job cuts are part of the bank's plan announced two years ago to reduce staff by 20,000 before the end of 2026, according to a report from Bloomberg News that cited people familiar with the matter. 

Fraser has taken the corporate reorganization efforts at the U.S. firm since taking up the role, in a bid to trim down management layers and fasten decision making. 

“We will continue to reduce our headcount in 2026”, the company said, as per the report. It further added that these changes reflect adjustments the company is making to ensure staffing levels and expertise align with current business needs. 

FY25 Results On The Horizon

Citigroup is planning to report results on Wednesday and inform its staff of their bonuses for 2025. 

The company is expected to post a revenue of $20.5 billion for the fourth quarter (Q4) as per the data from Fiscal.ai. It is also expected to post a profit of $1.73 per share. 

Improving Control Issues

Citigroup has been improving its oversight and control deficiencies in its business. Last month, the Federal Reserve told the firm that it has closed formal notices requiring the bank to fix trading risk management weaknesses, according to a report from Reuters News.

The Fed in 2023 had issued notices to Citi to address three so-called Matters Requiring Immediate Attention, or MRIAs, identifying problems relating to how the bank calculates and manages the risks of its trading partners and sets aside capital to cushion potential losses on those trades, the report added. 

How Did Stocktwits Users React?

Retail sentiment around C trended in ‘neutral’ territory amid ‘high’ message volume. 

Shares in Citigroup have risen nearly 66% over the past year. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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