Citigroup Inc. (NYSE:C) is preparing for another round of employee layoffs expected in March, following approximately 1,000 job cuts executed earlier this month.

The upcoming reductions are expected to primarily affect managing directors and other senior employees across business lines, according to a source cited by Reuters on Thursday, as the bank continues to streamline operations amid a broader restructuring effort.

The latest cuts form part of a long-term plan announced two years ago to eliminate 20,000 roles by the end of 2026. Citigroup employed about 227,000 people at the end of September and is targeting a reduced headcount of roughly 180,000.

According to Benzinga Pro, Citigroup CEO Jane Fraser said in a recent internal memo to employees that automation and AI will continue to reshape the bank's workforce, meaning some roles will be eliminated, others will change, and new ones will emerge.

She said headcount will keep declining as Citi simplifies operations and boosts productivity, with technology playing a key role in long-term cost cuts and efficiency gains.

In the company's most recent earnings call, Fraser said, “We have been reducing headcount, and we expect that trend to continue.”

Citi did not immediately respond to Benzinga's request for comment.

Earnings Snapshot

Citigroup reported mixed fourth-quarter results earlier this month, with adjusted earnings per share of $1.81 beating expectations of $1.68, while revenue of $19.87 billion missed analyst estimates of $20.53 billion.

Net income declined 13% year over year to $2.5 billion, largely due to a $1.1 billion after-tax loss tied to its Russia exit. Net interest income rose 14%, but operating expenses increased 6%, pushing the efficiency ratio higher.

C Price Action: Citigroup shares were down 1.88% at $113.48 at the time of publication on Friday, according to Benzinga Pro data.

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