Citigroup Inc. is cutting hundreds of jobs across the company, with the Wall Street giant's investment banking division among those affected.
The cuts amount to less than 1% of Citigroup's 240,000-person workforce, according to people familiar with the matter, who asked not to be named discussing personnel information. Staffers across the firm's operations and technology organization and U.S. mortgage-underwriting arm are also among those affected.
The routine cuts are part of Citigroup's normal business planning, the people said. There's been no broad mandate for managers to cut staffers; instead, various divisions have been grappling with different reasons for the cuts.
A spokeswoman for Citigroup declined to comment.
The move comes just weeks after rival JPMorgan Chase & Co. cut hundreds of mortgage employees. Goldman Sachs Group Inc., for its part, embarked on one of its biggest rounds of job cuts ever in January when it planned to eliminate thousands of positions across the company.
In the technology division, Citigroup has spent billions in recent years upgrading its underlying infrastructure. Chief Executive Officer Jane Fraser has long said those investments would ultimately allow the bank to reduce its reliance on manual processes.
"As our investment in transformation and control initiatives mature, we expect to realize efficiency as those programs transition from manually intensive processes to technology-enabled ones," Fraser said in January.
