© Reuters. FILE PHOTO: The Citibank logo is seen on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York, U.S., August 3, 2021. REUTERS/Andrew Kelly/Photo archive
By Lananh Nguyen
(Reuters) – Citigroup will lay off 286 employees in New York, according to documents filed with the state Labor Department, as the bank is carrying out its biggest overhaul in decades.
Three separate notices dated earlier this week showed the layoffs would affect 239 employees at its main banking subsidiary, 44 at its brokerage unit and three at its technology division.
Citigroup said in January it would cut 20,000 jobs over the next two years, although it acknowledged a “clearly disappointing” quarter marred by extraordinary charges that resulted in a $1.8 billion loss.
The lender aims to reduce its global workforce by about 8% through 2026, including layoffs due to the reorganization, Chief Financial Officer Mark Mason told reporters at the time.
Chief Executive Jane Fraser announced the sweeping reorganization plan in September to simplify the bank's structure after divesting from secondary markets and focusing on profitable areas.
