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.

Why did Citigroup lose 53% last year?

The dearth of activity sparked a 53% drop in revenue from the business last year and analysts are expecting additional declines in the first quarter. Citigroup’s recent moves in its mortgage division — which is largely based in O’Fallon, Missouri — come after the bank already dismissed dozens of staffers last year.

Where is Citigroup headquarters?

Citigroup headquarters in New York. Citigroup Inc. Chief Financial Officer Mark Mason said the firm’s recent job cuts will cause expenses to climb by as much as $400 million this quarter compared with the first three months of the year.