Is Citigroup laying off 1% of its workforce?

REUTERS/Andrew Kelly/File Photo Acquire Licensing Rights March 2 (Reuters) - Citigroup Inc (C.N) is laying off less than 1% of its workforce, excluding its remediation team working on a consent order, people familiar with the matter said on Thursday.

Why did Citigroup cut staff?

The routine cuts are part of Citigroup’s normal business planning, the people said. There’s been no broad mandate for managers to cut staffers; instead, various divisions have been grappling with different reasons for the cuts. A spokeswoman for Citigroup declined to comment.

Is 2023 a good year for layoffs?

The year 2022 was a benchmark for layoffs, but 2023 is far worse as companies across industries are eliminating positions, resulting in mass layoffs. Citigroup is the latest to join the bandwagon as it plans to lay off less than 1 per cent of its workforce, barring its remediation team working on a consent order, news agency Reuters reported.

What companies are laying off?

The announcement of layoffs comes as corporate America is cutting thousands of jobs to rein in costs amid growing fears of a recession. Some of the companies which have already done layoffs include: Meta, Morgan Stanley, Intel, Microsoft, Johnson & Johnson, Twitter, Lyft and others.