The bank said when announcing the plan that it would eliminate 20,000 jobs by the end of 2026, and it still needs to eliminate several thousand more jobs to reach that target, according to the report.
“We will continue to reduce our headcount in 2026,” Citigroup told Bloomberg. “These changes reflect adjustments we’re making to ensure our staffing levels, locations and expertise align with current business needs; efficiencies we have gained through technology; and progress against our transformation work.”
Citibank said in September 2023 that it was embarking on a major restructuring of its organization that would eliminate a number of management layers. The new structure elevated the leaders of the bank’s five businesses while also doing away with a number of positions.
Citi CEO Jane Fraser said at the time in a press release: “I am determined that our bank will deliver to our full potential, and we’re making bold decisions to meet our commitments to all our stakeholders.”
In November 2023, the bank said it was making organizational changes across many of its businesses and functions to align its organization with a new, simplified operating model.
PYMNTS reported in October that Fraser’s multiyear effort to rebuild the once-sprawling bank into a leaner, technology-driven institution was beginning to deliver results.
When reporting its third-quarter 2025 earnings, Citigroup shared that each of its five core businesses posted record quarterly revenues and that with 9% revenue growth across the organization, its third-quarter performance was the best in a decade.
“Investments in new products, digital assets and AI are driving innovation and improved capabilities across the franchise,” Fraser said at the time in a press release, adding that this had put Citi “in a materially different place in terms of our ability to compete.”
According to the Monday report by Bloomberg, Citigroup’s performance had lagged behind other major U.S. lenders but saw its share price leap 66% in 2025, outpacing all other major banks.