The bank, which became the first Wall Street institution to appoint a woman as its CEO last week, employs around 204,000 people. The bank expects its cuts to affect 26,000 people in 2020.
Citi wasn’t alone in putting a pause in place. Many major banks placed job cuts on hold around March, including Wells Fargo, HSBC, and Morgan Stanley.
In a statement first reported by Bloomberg, the bank fails to mention which divisions would be affected by the cuts.