CITIGROUP Job Cuts Lay Off Bankers, Part of Restructuring

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Last week, sources familiar with the matter revealed that CITIGROUP executed a fresh round of job cuts within its US investment bank, marking the completion of a planned restructuring by the financial giant.

The technology, media, and telecom sectors bore the brunt of the reductions at the Wall Street institution, impacting both senior and junior staff members, as indicated by the sources.

Yaseen Choudhury and Abhi Singhal, managing directors in the financial technology division, have departed from the bank, according to the sources. Their LinkedIn profiles show that both individuals joined Citigroup in 2022.

(Credits: Citi)

In addition to these areas, cuts were also witnessed in equity capital markets, debt capital markets, financial sponsor coverage, and clean technology banking, the sources mentioned.

Juan Carlos George, a managing director based in New York who oversaw ECM operations for Latin America, is among those who have left, as per the sources.

Citigroup declined to provide comment on the matter when approached by reporters. Requests for comment from Choudhury, Singhal, and George went unanswered.

The job cuts occurred simultaneously with Citigroup’s announcement that it had finalized the “major actions” pertaining to its reorganization plan, according to a statement released last week.

(Credits: Citi)

Filings with the New York State Department of Labor dated April 1 revealed that Citigroup informed regulators of its intention to lay off 430 individuals. Similar notifications were made in February concerning 286 layoffs, as indicated by the filings.

According to New York regulations, employers must notify the department at least 90 calendar days in advance of mass layoffs involving 25 or more full-time employees.

Nate O'Hara
Nate O'Hara
Nathan is a seasoned commerce writer with a passion for unraveling the intricacies of the business world and distilling them into engaging narratives. During his academic journey, he delved deep into subjects like economics, marketing, and entrepreneurship, honing his analytical skills and developing a keen understanding of market dynamics.

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