Citigroup announced its primary banking unit, Citibank, N.A, will lay off 363 employees in New York, according to multiple sources. However, other reports indicate the number could be as high as 430 employees across different divisions, as per a WARN notice. The layoffs will affect various sectors, including technology, media, and telecom, which were among the hardest hit in the planned restructuring. Both senior and junior bankers were affected last week.
Sources
First Squawk
CITIGROUP INC. EXECUTES ANOTHER ROUND OF JOB REDUCTIONS IN ITS US INVESTMENT BANK, AFFECTING VARIOUS SECTORS INCLUDING TECHNOLOGY, MEDIA, TELECOM, EQUITY, AND DEBT CAPITAL MARKETS.
Bloomberg Technology Technology, media and telecom was among the coverage areas hit hardest in Citigroup's planned restructuring, with senior and junior bankers affected last week. https://t.co/JebpgN6mVn
Reuters Business Citi to lay off 430 employees in New York across units https://t.co/qSsTmLZGuq https://t.co/VKKDyaVAN6
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