Citi will lay off 430 New York-based employees June 29, according to four notices posted Monday with the state’s Department of Labor.
The staff cuts encompass 363 employees in Citi’s primary banking unit, 62 in its global markets broker-dealer, four in technology and one in its Citishare unit, according to the Worker Adjustment and Retraining Notifications.
Monday’s cuts follow a wave of 286 New York-based job reductions, set to take effect by early May, that the bank posted in February.
Citi announced last week it had “concluded the major actions” associated with its multi-stage reorganization, which the bank launched in September.
The moves eliminated five layers of leadership and consolidated roles with overlapping responsibilities. Citi CEO Jane Fraser said in January the bank had cut 1,500 managerial roles. The bank is aiming to trim 20,000 roles from its headcount by 2026. The reorganization is meant to save the bank $1 billion in annual costs.
Among the hardest-hit units in Citi’s most recent cuts is technology, media and telecom, people familiar with the matter told Bloomberg. Yaseen Choudhury and Abhi Singhal, both managing directors on the financial technology team, have left the bank, sources told the wire service.
Equity capital markets, debt capital markets, financial sponsor coverage and clean technology banking also saw cuts, the sources told Bloomberg. Juan Carlos George, the managing director leading Citi’s equity capital markets efforts for Latin America, is among those who have left the bank, the wire service reported.
A Citi representative declined to comment on the matter. Choudhury, Singhal and George didn’t immediately respond to requests for comment from Bloomberg.
