Citi is cutting hundreds of positions, including some in investment banking, mortgage underwriting and technology, Bloomberg and Reuters reported Thursday.
The cuts represent less than 1% of the bank’s headcount, people familiar with the matter told the wire services, adding that Citi did not mandate a trim to the workforce. Rather, the cuts are part of normal business planning.
Citi’s CFO, Mark Mason, said in January the bank is “actively hiring to execute against our strategy,” but it’s also “re-pacing, where that makes sense.”
