Citigroup to ax 1,000 jobs this week as part of massive restructuring plan: report

Group 1 - Citigroup plans to cut approximately 1,000 jobs this week as part of a broader strategy to reduce its workforce by 20,000 by the end of 2024 [1][3] - As of December 31, 2024, Citigroup had around 229,000 full-time employees [1] - The bank aims to continue reducing its headcount into 2026, indicating ongoing adjustments to align staffing with business needs [3] Group 2 - CEO Jane Fraser, who has been leading the company since 2021, is implementing changes to close the performance gap with competitors [4][7] - A plan presented in late 2023 focuses on increasing earnings, streamlining operations, and improving data governance and risk management [4] - Recent organizational changes have led to significant departures in the wealth and technology sectors, including the appointment of Gonzalo Luchetti as the new chief finance officer [4] Group 3 - Citigroup's US retail presence is notably smaller than that of its larger competitors, with approximately 650 branches located in six major metropolitan areas [5]