Citi's 2024-2025 Restructuring and Year-End Promotions
Bank Promotions Offered by Citi Sum up to 8,500 for Year-End
Citigroup, one of the world's largest banks, is currently undergoing a significant restructuring under CEO Jane Fraser. This transformation, which includes large-scale layoffs and organizational changes, aims to reshape Citi's global banking model for future competitiveness.
The reorganization, launched in September 2023, is expected to result in the reduction of approximately 20,000 jobs globally by 2026. This represents about 10% of the bank's workforce. The layoffs are focused on middle and back-office roles, as well as front-line staff in investment banking, retail banking, technology, operations, risk management, and compliance.
Despite the workforce reductions, Citi's year-end promotions figure for 2024 remains on par with previous years. The bank promoted approximately 8,500 employees, with the details of these promotions announced on a LinkedIn post. In a notable move, Citi named 344 new managing directors in December, marking the largest group promoted to that role in six years, according to Bloomberg.
The restructuring aims to simplify Citi’s organizational model, emphasizing technology-driven operations, digital banking, wealth management, and high-return segments like global transaction services. The changes are part of efforts projected to save Citi billions of dollars, improve financial performance, and guide the bank to meet or exceed its 2025 revenue goals.
Significant leadership changes have occurred, especially in growing markets such as India, with the departure of key executives like Bhanu Vohra marking strategic shifts in regional operations. Citi’s leadership communications, led by Jennifer Lowney in PR, have sought to frame the reorganization positively while acknowledging the challenges and impact on employees.
It's worth noting that earlier reports, such as an initial Financial Times briefing, might have suggested different figures. However, later confirmed and clearer updates show the layoffs are far more extensive than earlier, smaller layoffs reported. The initial reporting may have underestimated the scope or focused on specific regions or departments, while the full reorganization encompasses a wide range of business units globally.
Citi has not yet addressed the recent job cuts reported in January in an official statement. The details of these job cuts, which affected managing directors in its wealth and technology businesses, as well as employees that deal with data and analysis on bank customers, were reported by Bloomberg, citing unnamed sources.
Amid the reorganization, Citi has sought to maintain sufficient staffing to chase opportunity. Managers at Citi have received guidance to take the organizational changes into consideration at year-end. Year-end promotions at Citi took effect on January 1, 2025, and promotions are a key part of Citi's talent strategy.
As of the fourth quarter of last year, Citi had about 229,000 employees, 10,000 fewer than it had in the fourth quarter of 2023. The bank has not yet provided specific information about the impact of the reorganization on the total number of promotions at Citi.
In sum, Citi’s 2024–2025 reorganization represents one of its largest operational overhauls in recent years, with layoffs dwarfing many initial reports and comprehensive changes designed to reshape its global banking model for future competitiveness.
These changes in Citi's restructuring will likely impact various careers in the bank, especially in roles such as investment banking, retail banking, technology, operations, risk management, and compliance. The reduction of 20,000 jobs globally by 2026 reflects these changes. On the contrary, Citi's year-end promotions figure for 2024 remains on par with previous years, with approximately 8,500 employees promoted, including 344 new managing directors. This shows a continued focus on advancing careers and nurturing talent within the bank's finance and business sectors.
