Citi employs a lot more people than in the old days and it is not averse to getting rid of some of them. Some members of Citi data teams were quietly cut in July. It turns out there were cuts across the business in April and in February too. 

Recently filed WARN (worker adjustment and retaining notifications) for Citi’s New York business show the bank making a total of 820 cuts at Citibank so far this year, 58 cuts at Citigroup global markets and three cuts at Citigroup technology.

However, the cuts were not made all at once. At Citibank’s 388 Greenwich Street office, where most of the cuts were made, 248 people were cut in February, 304 were cut in April and another 268 were cut in July. 

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Similarly, at Citigroup Global Markets 16 were cut in February, 30 were cut in April and 12 were cut in July. At Citigroup Technology, one person was cut on each occasion.

A spokesperson for the bank said they were grateful for the work of those leaving and that: “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, which is nearing Citi’s target state.”

Citi CEO Jane Fraser said in April that 90% of the transformation work on Citi’s 2020 consent order was done. She added in July that Citi was already largely operating at its “target state.” Citi hired Tricia Kissinger from the Federal Reserve (which imposed the consent order) as a managing director helping with its regulatory relationships in August. 

Before the consent order was in place, Citi employed 210,000 people. Following the consent order, it added 30,000 people to help shape up areas like regulatory reporting. Speaking in May, Citi CFO Gonzalo Luchetti, said the bank would be cutting temporary costs relating to its transformation. It’s also automating roles with AI. Either way, people are dripping out in New York. At the same time, though, Citi has been hiring senior bankers from the likes of JPMorgan and Deutsche Bank. 

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