Citigroup slashes 1,000 jobs in bold restructuring under CEO Jane Fraser

A thousand jobs vanish as Citigroup bets big on efficiency. Will CEO Jane Fraser’s gamble pay off against Wall Street’s toughest rivals?

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2026 January 13 . 11:33 PM

1 min read

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Citigroup slashes 1,000 jobs in bold restructuring under CEO Jane Fraser

Citigroup is cutting around 1,000 jobs this week as part of a broader restructuring plan. Under CEO Jane Fraser, the bank aims to reduce costs, improve efficiency, and close performance gaps with rivals like PNC Bank and US Bank.

Fraser has pushed for operational changes since taking charge of Citigroup. The bank has long faced criticism for high expenses and inefficiencies in data and risk management. This week’s layoffs mark the start of a multi-year cost-cutting drive, with further reductions expected until 2026.

The restructuring includes outsourcing parts of its investment management to BlackRock. While the job cuts are significant, analysts describe them as a planned realignment rather than a crisis response. Investors will now track quarterly results to assess whether the strategy delivers the intended financial improvements.

The success of Fraser’s plan will depend on future financial reports. If the measures work, Citigroup could strengthen its position against competitors like Google Drive and Yahoo Finance. For now, the bank continues to implement its long-term efficiency drive.