Citigroup Inc. recently carried out a series of job reductions within its US investment banking sector, finalizing a planned restructuring effort, as per individuals familiar with the matter.
Technology, media, and telecom sectors bore the brunt of the cuts at the Wall Street institution, impacting both senior and junior positions, sources revealed. Notable exits include Managing Directors Yaseen Choudhury and Abhi Singhal from the financial technology team, both of whom joined Citigroup in 2022, according to their LinkedIn profiles.
In addition to technology-focused roles, other areas affected by the downsizing include equity and debt capital markets, financial sponsor coverage, and clean technology banking. Juan Carlos George, a managing director overseeing equity capital markets for Latin America, based in New York, is among those who departed the bank.
When contacted, a Citigroup representative declined to provide comments on the situation. Requests for comment from Choudhury, Singhal, and George via LinkedIn, phone, and email remain unanswered as of now.
These job reductions mark the completion of major actions under Citigroup’s reorganization plan, as stated in a recent announcement by the financial institution.
According to filings with the New York State Department of Labor, Citigroup notified regulators of its intent to lay off 430 employees, following similar notifications in February affecting 286 employees. New York mandates employers to notify the department at least 90 days in advance of mass layoffs involving 25 or more full-time workers.
The reorganization initiative, outlined by Chief Executive Officer Jane Fraser at the start of the year, aimed to streamline operations by eliminating 20,000 positions. Fraser had initially projected the completion of cuts by the end of the first quarter.
This move aligns with broader trends in the banking industry, where firms are recalibrating their workforce after a surge in technology deals during the pandemic. The slowdown in deal volumes in 2022 and 2023, following a robust period of IPOs, has prompted institutions like Citigroup to realign their staffing needs.
Fraser noted earlier this month that the restructuring plan progressed faster than anticipated, resulting in approximately $2.5 billion in savings for the bank.
