Citigroup, one of the largest banking corporations in the world, announced today that it will reduce its US workforce by 20,000 employees over the next two years. This decision comes as part of a restructuring plan aimed at cutting costs and improving efficiency in the face of increased competition and regulatory pressures.

The company said that the layoffs will affect various divisions and locations across the US but did not provide specific details on which roles or regions will be impacted. Citigroup said that it will offer severance packages and outplacement services to the affected employees, and that it will try to minimize the disruption to its customers and operations.

Citigroup CEO Jane Fraser said in a statement that the move was necessary to adapt to the changing market conditions and customer preferences. She said that the company will focus on investing in its core businesses and digital capabilities, as well as enhancing its risk management and compliance functions.‍

“We are taking these difficult but decisive actions to position Citigroup for long-term growth and profitability,” Fraser said. “We are grateful for the contributions of our colleagues who will be leaving us, and we will support them throughout this transition.”

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