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Citi becomes latest bank to resume job cuts

Tue, 15th Sep 2020 11:53

(Sharecast News) - Wall Street lender Citigroup is to resume global job cuts after layoffs were paused during the height of the Covid-19 pandemic.
The bank told Bloomberg: "Citi is moving forward with a limited number of staffing reductions, impacting less than 1% of our colleagues globally."

Citi, one of the world's biggest banks with around 204,000 staff, expects overall numbers to remain stable once job losses are balanced out by new hires.

Citi is one of a number of banks that halted job cuts during the pandemic. Some, including Morgan Stanley, have said they would not cut jobs for the rest of the year, but others are now restarting. Last month, Wells Fargo & Co said it was resuming layoffs as part of a wider strategy to cut costs.

Last week Citi announced that global consumer banking division head Jane Fraser would replace outgoing head Mike Corbat, making it the first big Wall Street lender to appoint a female chief executive.

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