Citigroup (Citibank) will lay off 286 employees in New York and plans to lay off 20,000 employees in the next two years.

According to documents submitted to the US Department of Labor, Citigroup (C. US) will lay off 286 people in New York. It is reported that the layoffs will affect 239 employees of the main bank subsidiary, 44 employees of the broker self-operated business department, and 3 employees of the technology department. Citigroup is currently undergoing its largest reform in decades. In January, Citigroup announced plans to lay off 20,000 people over the next two years. The bank's Chief Financial Officer Mark Mason had previously stated that the bank's goal is to reduce its global workforce by approximately 8% by 2026, including layoffs resulting from restructuring. In September last year, Citigroup CEO Jane Fraser initiated the largest restructuring plan in the past 20 years for this Wall Street giant, in an effort to reverse years of declining stock prices. It is reported that Citigroup will now operate five major business divisions, no longer managed by three regional heads overseeing the company's operations in approximately 160 countries and regions worldwide. These five divisions include the service department, trading department, US personal banking department, banking department, and wealth management department, and asset management division. Jane Fraser has been seeking to streamline Citigroup's vast global operations. She previously stated: "We are now able to provide services for more targeted customers. This enables us to eliminate unnecessary complexities built for an organization that is fundamentally different from our bank today."