Citigroup has announced the elimination of 1,000 positions this week, progressing a workforce reduction plan first unveiled two years ago. The bank expects these cuts to reflect adjustments in staffing levels, geographic locations and expertise to better align with current business needs. This tranche of job eliminations brings the total reductions closer to the stated goal of removing 20,000 roles by the end of 2026, with several thousand positions still to be identified for elimination over the next two years.

As of December 31, 2024, Citigroup employed approximately 229,000 full-time staff globally. With the latest 1,000-job reduction, the bank has removed roughly 5% of its workforce since the restructuring began. Management has reiterated that headcount will continue to decline throughout 2026, following September 2023 announcements that introduced a simplified operating model, eliminated management layers and elevated leaders across the bank’s five core business lines.

Despite past performance lagging peer banks, Citigroup’s share price surged by 66% in 2025, outpacing all major U.S. lenders. In its third-quarter 2025 results, each of the five core businesses posted record quarterly revenues, driving 9% overall revenue growth—its strongest in a decade. CEO Jane Fraser credited investments in digital assets, AI and new product innovation for boosting the firm’s competitive position. Investors will be watching how further cost savings from headcount reductions balance against continued investments in technology and growth initiatives ahead of the fourth-quarter earnings report due this week.