Citigroup will begin laying off more than 200 employees at its New York City headquarters. The layoffs will begin in April 2026 and affect employees across several legal subsidiaries. The layoff is part of the company’s bigger restructuring plan.
Citigroup Announces the Layoff of 200+ Employees in April 2026
Citigroup filed three WARN notices tied to subsidiaries operating at 388 Greenwich Street, New York. The notice was posted to New York State Department of Labor website on March 10, 2026.
The three WARN notices are tied to Citigroup, which is the parent company of Citibank. The layoffs are listed as permanent layoffs. The process begins between April 14, 2026, and April 18, 2026. The three entities operate in the same building, namely the following:
- Citigroup Global Markets, Inc.: The company’s investment banking and trading division. The number of layoffs here totals 16 employees.
- Citigroup Technology, Inc.: The company’s technology division, which will lay off one employee.
- Citigroup N.A.: The company’s core banking operation, which will lay off 248 employees.
Reason for the Layoff
According to Reuters, the layoffs are a part of Citigroup’s restructuring. CEO Jane Fraser’s plans to reduce costs, restructure the bank, and improve profits.
The cuts primarily affect senior employees and managing directors, resulting in 265 employees being laid off. For several years, the company has been reducing its workforce. It is part of a larger turnaround strategy to strengthen the company’s position in the industry.
About the Company
Citigroup is an American multinational investment bank and financial services company. It is based in New York and is the parent company of Citibank. It is one of the prominent banking institutions in the United States, alongside JPMorgan Chase, Bank of America, and Wells Fargo.
The layoffs at Citigroup are part of a global restructuring strategy. It aims to lower costs, improve profitability, and enhance financial performance. It will also simplify the corporate structure and operations.
The shift towards technology and AI has also created this shift. With the group planning to cut down more jobs worldwide, its global operations will witness more layoffs.
