April 20, 2024


According to filings with the State Labor Department, Citigroup is cutting about 430 job positions at its New York office.

According to filings with the State Labor Department, Citigroup is cutting about 430 job positions at its New York office.
Image: Spencer Platt (Getty Images)

Citigroup is sticking to its workforce reduction promises.

This time, the investment banking company is laying off hundreds of its employees at its New York and Florida-based units.

Citigroup said it would be laying off 430 employees across multiple departments in New York due to “economic” reasons, according to four separate WARN notices filed with the State Department of Labor. The layoffs are expected to take place on June 29, the filings show.

The firm’s New York offices have an estimated 13,270 employees, according to the filings.

Citigroup declined to comment or provide numbers beyond what it is publicly available.

Meanwhile at Citi’s Tampa campus, the firm laid off an undisclosed but substantial number of workers, the Tampa Bay Business Journal reported.

Citi CEO Jane Fraser told the publication that the restructuring efforts would mean that some workers moved to new roles or to new teams, while some would leave altogether. The Tampa location has an estimated 8,400 employees. Employees were notified of the final round of layoffs on Monday (March 25) and concluded on Thursday (March 28).

In early January, Citi said that it had shed 5,000 management-level jobs as part of a reorganization effort to reduce costs during a slowdown in global dealmaking spurred by rising interest rates from central banks.

Over the next two years, the firm said it plans to reduce its workforce across its business by 20,000 employees, roughly 20%, saving it over $2 billion, Citi’s Fraser said.



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