March 2 (Reuters) - Citigroup Inc is laying off
less than 1% of its workforce, excluding its remediation team
working on a consent order, people familiar with the matter said
on Thursday.
A Bloomberg News report earlier in the day said that the
Wall Street bank was cutting hundreds of jobs across the
company, including its investment banking division.
The bank declined to comment to a Reuters request.
Citigroup's remediation team works on a 2020 consent order
issued by regulators requiring it to improve its risk management
and internal controls, following which it has invested heavily
in addressing the issues.
Citigroup Chief Financial Officer Mark Mason said in a
January earnings briefing that "we're actively hiring to execute
against our strategy. But we're also repacing where that makes
sense in light of the environment that we're in."
The latest move comes after other major Wall Street banks
such as Goldman Sachs and Morgan Stanley cut
thousands of jobs after a tough year for dealmaking activity, as
recessionary fears from the U.S. Federal Reserve's stringent
monetary policy weighed on investor sentiment and valuations.
As of its fourth quarter in 2022, Citigroup reported a
workforce of 240,000 employees.
(Reporting by Anirban Chakroborti in Bengaluru; Editing by Maju
Samuel)
