Citigroup to Lay Off More Employees in March: Reuters

Citigroup is expected to lay off more employees in March following a round of about 1,000 job cuts this month, according to two sources with knowledge of the matter, Tatiana Bautzer and Lananh Nguyen reported for Reuters.

The March layoffs are likely to affect managing directors and senior employees across business lines. (Photo: Daniel Foster Flickr) 

The new wave of layoffs is expected to be announced after bonuses are paid, said the sources, who did not specify the scale or location of the unreported plans.

They come as Citi CEO Jane Fraser continues a sweeping turnaround plan designed to cut costs, fix regulatory problems and boost profits to help the bank catch up with rivals.

The March layoffs are likely to affect managing directors and senior employees across business lines, according to one of the sources.

Some senior managers have already been reassigned to different divisions to secure roles before headcount is reduced, the source said. The cuts this month also affected many senior employees, the second source said.

The sources declined to be identified because they were discussing personnel matters.