Citigroup to Lay Off Managing Directors and Senior Employees in March

Group 1 - Citigroup plans to lay off an unspecified number of employees in March after cutting about 1,000 jobs in January 2024 [1][2] - The upcoming layoffs are expected to affect managing directors and senior employees across various business lines, though the scale and location remain unknown [2] - The restructuring is part of Citigroup's efforts to align staffing levels and expertise with current business needs and technological efficiencies [3] Group 2 - Citigroup's CEO Jane Fraser emphasized the bank's commitment to delivering on its potential through bold decisions and organizational changes [4] - The bank's restructuring plan aims to eliminate a total of 20,000 jobs, with the recent cuts being part of this ongoing effort [4][5] - Citigroup reported record quarterly revenues across its five core businesses during the third quarter, indicating progress in its transformation towards a leaner, technology-driven institution [5] Group 3 - Investments in new products, digital assets, and AI are enhancing Citigroup's capabilities and competitive position in the market [6]