- Citigroup has begun planned layoffs this week as part of CEO Jane Fraser’s overhaul.
- This year, layoffs have expanded beyond tech, media, and finance with retail companies also cutting.
- See the full list of layoffs so far in 2023.
Layoffs have remained an unfortunate reality of 2023, continuing pace with the cuts made at dozens of companies toward the end of last year.
Banking giant Citigroup started planned layoffs Wednesday after CEO Jane Fraser announced a corporate overhaul in September. A final number of how many will be affected by the cuts hasn’t been disclosed yet, but sources told CNBC the bank could let go of “at least 10% in several major businesses.”
According to its 2022 annual report, Citigroup has recently employed about 240,000 employees. A number of those employees began finding out they’re no longer employed on Wednesday, and the cuts are expected to continue, CNBC reported.
Meanwhile, dozens of other companies have made significant reductions to staff this year: Tech companies, including Meta and Google, and finance behemoths, like Goldman Sachs, announced big layoffs in the first weeks of 2023 amid worries about the economy.
The downsizings followed significant reductions that companies, including Meta and Twitter, made toward the end of last year.
According to data from Layoffs.fyi, a site tracking layoffs since the start of the pandemic, tech companies slashed more than 244,000 jobs in 2023 alone — compared to during the pandemic, when they cut 80,000 in March to December 2020 and 15,000 in 2021.
Here are notable job cuts so far in 2023:
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