Citigroup to Resume Job Cuts After Pausing for Pandemic

Cuts will affect less than 1% of lender’s global workforce
Firm sees revenue decline, faces possible regulatory actions

Watch: Citigroup will resume job cuts starting this week, joining rivals like Wells Fargo, and ending its pledge to pause staffing reductions during the coronavirus pandemic. (Source: Bloomberg)

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By Jennifer Surane

September 14, 2020 at 11:20 PM UTC

Updated on

September 15, 2020 at 2:01 PM UTC

This article is for subscribers only.

Citigroup Inc. will resume job cuts starting this week, joining rivals such as Wells Fargo & Co. in ending an earlier pledge to pause staff reductions during the coronavirus pandemic.

The reductions will affect less than 1% of the bank’s global workforce, the company said Monday in a statement. With recent hiring, overall headcount probably won’t decline, Citigroup said.