What job eliminations are predicted for Citibank in 2026. What sectors of the business will be most impacted
Executive summary
Citigroup is continuing a multiyear workforce reduction that targets roughly 20,000 job eliminations by the end of 2026, and company communications and reporting indicate roughly 1,000 positions are being cut in early 2026 as part of that plan [1] [2] [3]. Public statements from Citi executives frame these cuts as part of cost-savings and a restructuring to sharpen returns, while reporting and analyst pieces indicate the biggest impacts will land in managerial ranks, certain investment-banking roles, and some technology teams as the bank simplifies operations [1] [4] [5].
1. The math: scale, timing, and recent moves
Citigroup announced in 2024 a plan to trim about 20,000 roles — roughly 8% of a roughly 239,000 pre-cut workforce — and management has repeatedly signalled that headcount will continue to fall toward an approximately 180,000 target by 2026 [1] [6] [7]. Reporting from January 2026 shows Citi executing further rounds: sources cited around 1,000 cuts in the week of reporting and confirmation that additional reductions are slated through March and beyond, with the bank saying it will continue to reduce headcount in 2026 [3] [2] [8].
2. Which parts of the bank are most at risk — management and “old, bad habits”
Citi’s internal messaging from CEO Jane Fraser and commentary from CFO Mark Mason point to a deliberate pruning of managerial layers and roles tied to legacy processes, with prior rounds already eliminating thousands of mostly managerial positions as part of simplification efforts [2] [1] [4]. Reuters and other coverage indicate about 5,000 mostly managerial roles were removed in an earlier simplification, and company communications frame 2026 as the year to finish removing the “last vestiges” of underperforming structures [1] [2].
3. Front-office and investment banking exposure
Multiple outlets and employment-impact roundups name investment banking and junior analyst/associate positions among the categories historically exposed in Citi’s cuts, and career outlets have flagged underperforming managing directors as particular targets in forthcoming rounds — suggesting continued pressure in investment banking heads and compensation-heavy senior roles [5] [9] [10]. The bank’s drive to improve returns makes high-cost, lower-return segments — including selectively scaled back investment banking activities in less profitable regions — prime candidates for reductions [5] [7].
4. Technology, operations, and the AI/efficiency pivot
Coverage shows Citi has already reduced tech headcount in certain markets (for example, China) and is explicitly repositioning to invest in technology efficiencies and AI, which tends to eliminate redundant roles while creating new skill demands — meaning tech teams tied to legacy systems or lower-priority projects are vulnerable even as the bank hires for transformation capabilities [4] [7]. Commentators tie Citi’s cost-saving target — up to $2.5 billion annually — to moves that cut both managerial and operational redundancies while directing capital toward prioritized tech and transformation work [4] [1].
5. Regional and transactional caveats — IPO-related exits and modelling uncertainty
Part of the projected headcount decline includes expected departures tied to strategic transactions, notably the planned listing of Citi’s Mexican retail unit Banamex, which could account for roughly 40,000 positions moving off Citi’s payroll if executed as modelled — a reminder that some reductions will be structural and transactional rather than pure layoffs [7]. Reporting across outlets also shows variation in timing and scope: sources and Citi statements emphasize ongoing reductions but do not publish a department-by-department breakdown, leaving precise sector-by-sector totals subject to future disclosure and regulatory filings [7] [3].
6. Bottom line: likely losers and limits of current reporting
Based on Citi’s own targets and contemporaneous reporting, the most impacted sectors through 2026 are managerial ranks (including some managing directors), parts of investment banking and lower-return regional businesses, and legacy technology/operations roles as the bank pursues efficiency and AI-driven transformation [1] [5] [4]. Public sources confirm the 20,000 target and recent ~1,000-role rounds but do not provide a fully itemized list of which teams will lose exactly how many jobs, so sectoral allocations beyond the broad categories above remain estimates grounded in reporting and company statements [2] [3] [8].