Citigroup (C.US) to lay off MD and senior level employees in a new round of layoffs in March.

According to market news, Citigroup (C.US) is expected to lay off more employees in March, following a round of about 1000 layoffs this month. Sources say that the new round of layoffs is expected to be announced after bonus payouts, but the exact number of layoffs has not been disclosed. Sources say that the layoffs in March are likely to affect Managing Directors and senior level employees in various business lines. Some senior managers have already been reassigned to different departments to ensure the stability of their positions before the workforce reduction. Citigroup's CFO mentioned in a recent earnings conference call that they have been consistently reducing the number of employees and anticipate that this trend will continue, aiming to reduce costs and increase efficiency. He also mentioned that Citigroup's severance costs were around $800 million last year.