Citi to cut about 1,000 jobs this week as Fraser trims costs

Core Viewpoint - Citigroup Inc. is cutting approximately 1,000 jobs as part of a broader strategy to reduce costs and enhance returns under CEO Jane Fraser's leadership [1][4]. Group 1: Job Cuts and Workforce Reduction - The company had 227,000 employees at the end of September and is implementing job cuts as part of a plan to eliminate 20,000 jobs by the end of 2026 [2][5]. - Citigroup aims to reduce its workforce to about 180,000 employees by the end of 2026, which includes a reduction of 40,000 staff when it lists its retail banking businesses in Mexico [5]. Group 2: Strategic Goals and Restructuring - Streamlining operations and cutting waste have been key objectives for Citigroup, which has historically underperformed compared to other major U.S. banks [3]. - Under Fraser's leadership since 2021, the bank has restructured its core operations and exited much of its international retail business [3]. Group 3: Future Plans and Leadership Changes - Citigroup plans to continue reducing headcount through 2026, aligning staffing levels with current business needs and efficiencies gained through technology [4]. - In October, Fraser became the first Citigroup CEO since 2007 to also lead the board of directors, indicating confidence in her leadership [6].