Citigroup this week will eliminate approximately 1,000 positions as part of the multi-year restructuring initiative first announced in January 2024. That plan aims to reduce the global workforce by roughly 20,000 roles, or 8%, by the end of 2026. With about 229,000 full-time employees reported at the end of 2024, this latest tranche brings Citi closer to its target and reflects adjustments to align staffing levels, locations and expertise with current business needs.

During its third-quarter 2025 results, Citigroup disclosed that each of its five core businesses achieved record quarterly revenues, driving a 9% year-over-year revenue increase—the strongest performance in a decade. The bank attributed these gains to investments in digital assets, new product launches and artificial intelligence tools, which have helped lower operating costs and improve client service capabilities.

Under CEO Jane Fraser, who assumed the role in 2021, Citigroup has restructured management layers and simplified its operating model. In late 2023 the bank elevated heads of its five core units while eliminating multiple intermediary roles. Most recently, Gonzalo Luchetti was appointed chief financial officer, succeeding Mark Mason, as part of a broader effort to strengthen risk management and data governance across the franchise.

As Citigroup prepares to report fourth-quarter results, investors will watch whether the combination of headcount reductions and technology-driven efficiencies can sustain revenue momentum and narrow the performance gap with peer banks. With share price appreciation of 66% in 2025 outpacing major U.S. lenders, the market’s focus remains on Citi’s ability to execute its transformation plan and deliver improved return on equity over the next two years.