This massive bank is now cutting 286 jobs which will take effect before May 3rd according to the latest WARN filings.
The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a tech unit, according to WARN notices.
Citi is laying off 286 New York City-based employees, according to three notices the bank filed Tuesday with the state’s Department of Labor.
Citi said in January that it plans to shed a whopping 20,000 positions by 2026 as it continues its largest overhaul in a decade and a half.
The reorganization, announced in September, began with the bank clearing away what it saw as unnecessary layers of management — regional CFOs, chiefs of staff, co-heads, chief administrative officers and employees with overlapping responsibilities, for example.
The headcount trim has been rumored to reach 10% in some major units and has come in several waves, with the last long slated to be announced next month, reports Banking Dive.
“The three tech layoffs are a bit of an anomaly,” says the outlet.
Citi cut a whopping 2,000 positions altogether during last year’s third quarter, but those numbers were offset by tech hires, CFO Mark Mason said.
At the same time, the bank has exited businesses it has deemed ‘non-core’, such as municipal bonds and, according to some reports, distressed debt.
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Also Read: A Massive US Bank is Now Closing Credit Cards
Other Banking News Today
Green Dot Bank is now facing a massive penalty stemming from compliance risk management issues predating the company’s current management.
Green Dot has been hit with a proposed consent order from the Federal Reserve stemming from compliance risk management issues predating the company’s current management, the fintech said Tuesday in its earnings report.
The digital bank set aside an “estimated liability” of $20 million in 2023’s fourth quarter to cover the proposed consent order, the company said but added that the “estimate of the aggregate range of reasonably possible losses” could total $50 million.
“We are confident in our financial and regulatory positions and do not expect this to impact our ability to operate and serve our customers and partners on an ongoing basis,” Green Dot CEO George Gresham said in a statement.
“The regulatory environment is continuously evolving, and we are committed to partnering and fully cooperating with our regulators to ensure our products are designed and marketed in ways that put our customers’ best interests at the forefront.”
Green Dot Bank has faced fraud allegations from various customers who have been locked out of their account from weeks to months.
Many customers are having difficulty receiving a direct response from the bank’s customer service department, with many claiming to have been given the runaround.
What is being done about it? Nothing so far, though many of these reports have been submitted to the Better Business Bureau (BBB).
“My funds are gone. I believe now the bank [Green Dot Bank] is holding it hostage. It’s my SS money and I can’t get it back, they keep extending the date.
I’ll get my new card with my money on it this has been going on since the August 1 and I was in the hospital when I was hacked..I want my money it’s mine not yours green dot,” says Sandra Machuga, who’s reported to FrankNez before.
Also Read: A US Bank is Now Freezing Some Retiree Accounts
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