Citigroup to resume retrenchment exercise to reduce costs

The bank had put a pause on its job cuts during the COVID-19 pandemic but will now resume the cost-cutting exercise.
By: | September 16, 2020

Citigroup will go ahead with its planned job cuts after pausing the cost-cutting exercise during the COVID-19 pandemic, the company announced on September 14.

With the global economic crisis brought upon by the pandemic, many major banks around the world have inevitably planned for staff reductions, although they had put a pause on it the last couple of months.

But Citigroup will now resume the job cuts which will affect less than 1% of the global workforce.

READ: HSBC to speed up 35,000 job cuts after profits plunge

“The decision to eliminate even a single colleague role is very difficult, especially during these challenging times,” Citigroup said in the statement.

“We will do our best to support each person, including offering the ability to apply for open roles in other parts of the firm and providing severance packages.”

However, the company said that the overall headcount will probably not show any drops after factoring its hiring of more than 26,000 people this year globally.