Citigroup is implementing a restructuring plan that includes workforce reductions. The company has announced layoffs at its Jersey City location and other locations as part of a broader effort to streamline operations. The restructuring plan is expected to continue through 2026.
What happened
Citigroup filed a WARN notice in September 2025 outlining multiple layoff tranches at its Jersey City location, with effective dates in December 2025. In January 2026, Citigroup eliminated additional positions as part of the ongoing restructuring plan led by CEO Jane Fraser.
How many employees affected
67 employees will be laid off from the Jersey City location on December 27 and 28, 2025. An additional 1,000 positions were eliminated in January 2026.
Why layoffs happened
The layoffs are part of Citigroup’s broader restructuring plan to eliminate 20,000 jobs globally by the end of 2026. The company has reserved $600 million for severance payments.
Company background
Citigroup is a global financial services company with a presence in numerous countries. The company offers a range of financial products and services to consumers, corporations, and governments.
Industry impact
The financial services industry is constantly evolving, with companies continually seeking to optimize their operations and adapt to changing market conditions. Restructuring and layoffs are not uncommon in this sector.
What's next
Citigroup's restructuring plan is expected to continue through 2026. The company aims to streamline its operations and improve efficiency. Further announcements regarding job cuts or other changes may be made as the plan progresses.