Sources: Citigroup to conduct new round of layoffs in March

Glonghui January 23｜According to two sources familiar with the matter, after laying off about 1,000 employees earlier this month, Citigroup is expected to implement further layoffs in March. The sources said that the new round of job cuts is expected to be announced after bonuses are distributed, but they did not specify the scale or location of the previously unreported layoffs. Citigroup CEO Jane Fraser is continuing to execute a comprehensive turnaround plan aimed at cutting costs, addressing regulatory issues, and boosting profits to help the bank catch up with its competitors. One of the sources indicated that the March layoffs could affect general managers and senior staff across various business lines. The source added that some senior managers have already been reassigned to different departments to secure their positions. The second source noted that this month's layoffs also impacted many senior employees.