After Goldman Sachs & JP Morgan, US Banking Giant Citigroup To Layoff Hundreds Of Employees

About a month after it halted loans to Adani group, and a couple of days after Axis bank acquired its India's business, American banking sector giant Citigroup seems to have joined the layoff wave. Citigroup is expected to layoff around 2,000 employees, i.e. about 1% of its workforce.

Vanya GautamUpdated: Mar 03, 2023, 17:37 IST
3 min read
citigroup
reuters

About a month after it halted loans to Adani group, and a couple of days after Axis bank acquired its India's business, American banking sector giant Citigroup has joined the layoff wave.

Citigroup To Layoff Around 2,000 Employees

citigroup forbes/getty

Citigroup is laying off hundreds of employees in a decision to cut less than 1% of its workforce. as per various media reports.

A Bloomberg report said that Citigroup was cutting hundreds of jobs across the company, including its investment banking division. As of the fourth quarter in 2022, Citigroup reported a workforce of 240,000 employees. Less than 1% layoffs could imply that around 2,000 employees may be laid off.

Staffers across the firm¡¯s operations and technology organization and US mortgage-underwriting arm are also among those affected.

"Part of Normal Business Planning"

The routine cuts are part of Citigroup¡¯s normal business planning, people aware of the matter said. There¡¯s been no broad mandate for managers to cut staffers; instead, various divisions have been grappling with different reasons for the cuts.

The move comes just weeks after rival JPMorgan Chase cut hundreds of mortgage employees. Goldman Sachs too embarked on one of its biggest rounds of job cuts ever in January 2023 when it planned to eliminate thousands of positions across the company.

¡°As our investment in transformation and control initiatives mature, we expect to realize efficiency as those programs transition from manually intensive processes to technology-enabled ones,¡± Citi group CEO Jane Fraser had said in January this year.

jane fraser citigroup ceo cnn/getty

Also Read: Credit Suisse & Citi Group Halt Loans To Adani Group Companies

Citigroup's Spending In Investment & Tech

In the technology division, Citigroup has spent billions in recent years upgrading its underlying infrastructure. CEO Jane Fraser has for long said those investments would ultimately allow the bank to reduce its reliance on manual processes, as per Bloomberg report.

In investment banking, on the other hand, the firm is grappling with an industrywide slowdown in deals. The dearth of activity sparked a 53% drop in revenue from the business last year and analysts are expecting additional declines in the first quarter.

Citigroup¡¯s recent moves in its mortgage division ¡ª which is largely based in O¡¯Fallon, Missouri ¡ª come after the bank already dismissed dozens of staffers last year. Mortgage demand has dropped in recent months amid rising prices and a rapid increase in mortgage rates.

"Actively Hiring But Also Re-Pacing"

¡°We¡¯re actively hiring to execute against our strategy, but we¡¯re also re-pacing where that makes sense in light of the environment that we¡¯re in,¡± Chief Financial Officer Mark Mason said in January. ¡°We¡¯re constantly combing talent and making sure we¡¯ve got the right people in the right roles, and, where necessary to restructure, we do that as well.¡±

Citigroup To Layoff Hundreds Of Employees reuters

Amid the cuts, as per the report, Citigroup continues to hire and build teams dedicated to resolve a pair of consent orders received in 2020 from the Office of the Comptroller of the Currency and the Federal Reserve. Those additions helped swell firmwide headcount by 30,000 in the last two years alone, as per Bloomberg report.

¡°We continue to invest in our transformation to address our consent orders and to modernize our bank,¡± Fraser said in January. ¡°We¡¯re streamlining our processes and making them more automated, whilst improving the quality and accessibility of our data. This will make us a better bank.¡±

For the latest and interesting financial news, keep reading Indiatimes Worth. Click here

22/11/2024 16:12:2
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