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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
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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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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.