Citigroup Plans Fresh March Layoffs Targeting Senior Roles - Citigroup (NYSE:C)

Group 1 - Citigroup Inc. is planning another round of employee layoffs in March, following approximately 1,000 job cuts earlier this month, primarily affecting managing directors and senior employees as part of a broader restructuring effort [1][2] - The layoffs are part of a long-term plan to eliminate 20,000 roles by the end of 2026, with a target headcount reduction from approximately 227,000 to around 180,000 [2] - CEO Jane Fraser indicated that automation and AI will continue to reshape the workforce, leading to the elimination of some roles, changes in others, and the emergence of new positions [2][3] Group 2 - In the latest earnings report, Citigroup posted adjusted earnings per share of $1.81, exceeding expectations of $1.68, while revenue of $19.87 billion fell short of analyst estimates of $20.53 billion [4] - Net income decreased by 13% year over year to $2.5 billion, primarily due to a $1.1 billion after-tax loss related to the exit from Russia [4] - Net interest income increased by 14%, but operating expenses rose by 6%, resulting in a higher efficiency ratio [4] Group 3 - Citigroup shares were down 1.88% at $113.48 at the time of publication [5]