Citi to Cut About 1,000 Jobs This Week as CEO Jane Fraser Accelerates Cost-Cutting Drive – More Layoffs Expected in 2026
Citigroup is gearing up to cut around 1,000 jobs this week as CEO Jane Fraser intensifies her multiyear transformation plan to slash costs, streamline operations, and drive greater efficiency across the global bank. This latest round forms part of a broader commitment to reduce the workforce by approximately 20,000 roles—roughly 8% of its total headcount—by the end of 2026, with the current employee base standing at about 226,000–227,000 after already eliminating over 10,000 positions through earlier layoffs, business divestitures, and natural attrition. Fraser’s direct internal communications have stressed the need for a high-performance, results-focused culture, signaling the end of outdated practices, while significant progress in completing regulatory remediation programs is expected to trigger additional reductions in compliance and support functions. Automation, artificial intelligence, and process simplification are accelerating the pace of change, with CFO guidance indicating further headcount declines throughout 2026 and beyond, ultimately targeting annual cost savings of $2–2.5 billion and a leaner, more competitive organization focused on high-growth areas like global services, markets, wealth management, and U.S. personal banking.
