Citigroup Inc. is reportedly cutting hundreds of jobs across the company in this recent round of mass layoffs. As per reports, the Wall Street giant’s investment banking and mortgage units are among the most affected by these layoffs.
According to a Bloomberg report, the job cuts at Citigroup amount to less than 1 per cent of the company’s workforce. At present, Citigroup prides itself in having about 2,40,000-person strong workforce. It adds that even staffers across the firm’s operations and technology organisation, and US mortgage-underwriting arm are also among those affected by these mass layoffs.
The report adds that these “routine cuts” are a part of Citigroup’s normal business planning. Accordingly, as per the publication’s sources, there has been no broad mandate for Citigroup’s managers to cut staffers but it is the various divisions of the company that are dealing with different reasons for layoffs.
Citigroup layoffs come just a few weeks after JP Morgan Chase & Co. also indulged in mass layoffs. The latter’s step of cutting jobs also followed Goldman Sachs’ move to cut thousands of jobs in its biggest round of layoffs ever.
Additionally, Citigroup layoffs in the investment banking division also come at a time when the firm is reportedly dealing with an industry-wide slowdown in work. This too, has been the result of a global economic slowdown.
It must be noted that as per experts, the trend of mass layoffs may also continue in 2023 with more firms, in the near future, expected to cut more jobs.