Major US Bank Lays Off 7,000 Including Many From New York State

Nearly 1,000 New Yorkers are looking for a new job.

On Friday, April 12, Citigroup confirmed layoffs as its reorganization continues

Citi Layoffs 7,000 Employees

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Citi CFO Mark Mason confirmed the company either laid off or sent layoff notifications to 7,000 employees as part of its reorganization strategy.

Layoffs will be spread out "over time," according to Mason.

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Reports say the average salary for the 7,000 laid off is 214,000.

More Layoffs Coming

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Citi originally planned to lay off 5,000 jobs, but that number increased to 7,000 when the layoffs were officially announced

Citi's goal is to reduce its staff by 20,000 by the year 2026, officials say.

Citi CEO Jane Fraser says the layoffs are due to a process of "organizational simplification."

Over 700 New York Workers Impacted

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According to New York State's Worker Adjustment and Training Notification (WARN) Citibank; Citigroup Technologies; Citigroup Global Markets; and Citishare will lay off a combined 430 employees.

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The layoffs include:

Citibank: 363
Citigroup Technologies: 4
Citigroup Global Markets: 62
Citishare: 1

The WARN notices state "economic" as the reason for the layoffs. All the layoffs are expected on June 29, 2024.

All of the workers are located in New York City, at the Citi office on Greenwich Street, according to WARN notices.

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These layoffs are in addition to nearly 300 Citi employees who were told in February they would be out of work between February and May 2024.

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Source: Major US Bank Lays Off 7,000 Including Many From New York State

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