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.

Is Citigroup cutting jobs?

Citigroup Inc. is cutting hundreds of jobs across the company, with the Wall Street giant’s investment banking division among those affected. The cuts amount to less than 1% of Citigroup’s 240,000-person workforce, according to people familiar with the matter, who asked not to be named discussing personnel information.

How many employees does Citigroup have in 2022?

As of its fourth quarter in 2022, Citigroup reported a workforce of 240,000 employees. "We're actively hiring to execute against our strategy. But we're also replacing where that makes sense in light of the environment that we're in," Citigroup Chief Financial Officer Mark Mason said in a January earnings briefing.

Who is affected by Citigroup's workforce cuts?

The cuts amount to less than 1% of Citigroup’s 240,000-person workforce, according to people familiar with the matter, who asked not to be named discussing personnel information. Staffers across the firm’s operations and technology organization and US mortgage-underwriting arm are also among those affected.