Citigroup to Lay Off 1,000 Employees as Part of Cost-Cutting Measures

Citigroup is reportedly planning to lay off approximately 1,000 employees this week as part of CEO Jane Fraser's cost-cutting strategy. This move is intended to improve the bank's returns. The company had a global workforce of 227,000 at the end of September and has previously announced plans to reduce its workforce by 20,000 by 2026.