New York Bank Announces Almost 300 Layoffs

A big name in banking has announced they plan to cut almost 300 jobs in New York.

There are a few names that most of us recognize from the world of banking that not only have numerous branches and ATMs across the country but also employ thousands of workers. Bank of America, Chase, Key Bank, Wells Fargo, and Citi are five of the biggest, with one of them now planning to lay off a few hundred employees in New York.

Citigroup Announces Layoffs

Citigroup is one of the "big four" banking institutions in the U.S. employing approximately 70,000+ employees across North America and over 235,000 worldwide. Currently, Citi employs around 13,000 folks at their global headquarters at 388 Greenwich Street, New York, N.Y. and according to new restructuring plans they are planning to cut around 2% of its workforce soon.

In January, Citigroup announced it plans to cut "20,000 roles over the medium-term, as part of a reorganization effort" according to Fox Business. The massive cuts are expected to save the banking giant between $2 billion and 2.5 billion when completed.

Citi Cuts 239 Jobs in New York

Approximately 239 Citigroup employees are expected to be cut from the banking giant according to Worker Adjustment and Retraining Notification (WARN) notices filed this week. The notices state that the layoffs began on February 2, 2024, and should be complete by May 3, 2024.

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Three branches of Citigroup will be affected including Citigroup Technologies, Inc., Citigroup Global Markets, Inc., and Citibank, N.A. with each branch losing a portion of the expected 239 layoffs.

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Citibank has locations all across New York with branches in Mohegan Lake, Peekskill, Somers, and Yorktown Heights, New York.

Currently, it's unclear if any of those branches will be affected by this round of layoffs but as more information becomes available we will update this article.