Citigroup begins layoffs as Wall Street braces for rough end to 2023

Source: Yahoo! News

“Citigroup began a new round of job cuts Monday among senior managers as part of a sweeping reorganization of the country’s third-largest bank announced two months ago. The cuts amount to roughly 10% of senior manager roles, or approximately 300 managers, Bloomberg reported. The New York City-based bank currently employs roughly 240,000 people. … Citigroup’s cuts punctuate a tough year for Wall Street and the rest of the banking industry. Big banks with large trading and investment banking operations have been struggling throughout 2023 to overcome a dealmaking slump, an uncertain economy, and the impact of higher interest rates from the Federal Reserve.” (11/20/23)