According to Bloomberg News, Citigroup is set to eliminate around 1,000 jobs this week as part of its ongoing cost-management strategy. The cuts, representing roughly 0.4% of the bank’s global workforce of 245,000 employees, will primarily affect mid-level and support roles in Citigroup’s institutional clients group and certain regional back-office operations. This reduction follows earlier announcements this year in which the bank trimmed headcount in its consumer banking division and realigned resources toward higher-margin businesses such as wealth management and corporate advisory services.

In premarket trading on Monday, Citigroup’s stock fell nearly 4% after former President Donald Trump proposed a one-year cap on credit card interest rates at 10%, to take effect on January 20, 2026. While the plan requires Congressional approval and lacks detailed implementation guidelines, investors reacted to the potential earnings impact on Citigroup’s consumer card business — which contributed 18% of the bank’s $24.1 billion in net revenue during the first nine months of 2025. Analyst estimates suggest a 10% interest-rate ceiling could reduce net interest income from Citi’s credit card portfolio by up to $500 million over a 12-month period, assuming current average card balances and utilization rates remain unchanged.