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Citigroup (NYSE:C) will resume job cuts starting this week, it says, joining peers in reversing course on their pandemic pauses to layoffs.

The new cuts affect less than 1% of the workforce, and with recent hiring, it says overall headcount likely won’t show declines.

It says it’s hired more than 26,000 people this year, more than one-third of those in the U.S.

CFO Mark Mason said today that Citi is hoping to keep expenses flat to slightly up this quarter; he adds that it’s been investing more in improving infrastructure and control function after spending about $1B on those efforts this year.

It will offset the governance investments with plans to cut its real estate footprint, and moving some employees to less expensive cities.



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