The Wall Street juggernaut Citigroup Inc. is laying off hundreds of workers across the board, with the investment banking sector among those affected.
The reductions represent less than 1% of Citigroup’s 240,000 employees, according to sources with knowledge of the situation who declined to be identified discussing personnel information. Employees in the company’s operations and technology division as well as its US mortgage underwriting division are also impacted.
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Citigroup has extensively invested in resolving the problems
A 2020 consent order issued by regulators demanding Citigroup to enhance its risk management and internal controls is being worked on by the company’s remediation team. As a result, Citigroup has extensively invested in resolving the problems.
Mark Mason, the chief financial officer of Citigroup, stated during a results briefing in January that “We are actively recruiting to carry out our objectives. Yet, we are also repacing where it seems appropriate to do so given the context in which we find ourselves.”
Earlier other major Wall Street banks Goldman Sachs and Morgan Stanely have cut thousands of jobs after a challenging a year for dealmaking due to fears of recession from the
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Other major banks at Wall Street also cut jobs
The latest move comes after other major Wall Street banks, including Goldman Sachs and Morgan Stanley, cut thousands of jobs following a difficult year for dealmaking activity, as investor sentiment and valuations were affected by recessionary fears resulting from the U.S. Federal Reserve’s strict monetary policy.
Citigroup reported having 240,000 employees as of the fourth quarter of 2022.
