Citi is laying off 286 New York-based employees, according to three notices the bank filed Tuesday with the state’s Department of Labor.
The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a technology unit, according to the Worker Adjustment and Retraining Notifications.
Citi said in January it plans to shed about 20,000 positions by 2026 as it continues its largest overhaul in a decade and a half. The reorganization, announced in September, began with the bank clearing away what it saw as unnecessary layers of management — regional CFOs, chiefs of staff, co-heads, chief administrative officers and employees with overlapping responsibilities, for example.
The headcount trim has been rumored to reach 10% in some major units and has come in several waves, with the last long slated to be announced next month.
The three tech layoffs are a bit of an anomaly. Citi cut 2,000 positions altogether during last year’s third quarter, but those numbers were offset by tech hires, CFO Mark Mason said.
At the same time, the bank has exited businesses it has deemed non-core, such as municipal bonds and, according to some reports, distressed debt.