Citigroup will lay off 187 employees across different divisions in New Jersey, the bank disclosed in filings with the state Department of Labor on Monday.
The layoffs come as the banking giant moves to trim its headcount by nearly 20,000 staff over the next two years, according to Reuters.
“While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023,” Citi CEO Jane Fraser said in January.
According to Fraser, the move to shed 20,000 jobs would save as much as $2.5 billion for Citi.
According to the notice filed with New Jersey, the layoffs will affect employees in Jersey City, Rutherford, Short Hills, Paramus, Hoboken and Fort Lee.The layoffs will occur between April 30 and June 29.
Representatives from Citigroup declined to comment.It is not immediately clear whether the New Jersey layoffs are part of this much larger reduction in force.
Citi layoffs in New York, Florida as well
In addition to the New Jersey layoffs, Citigroup, in a series of five notices with the New York Department of Labor, said that it was laying off 430 employees for multiple departments in the state because of “economic” reasons.
An unspecified but considerable number of employees are being let go at Citi’s Florida offices, according to the South Florida Business Journal.
The New Jersey Citi layoffs are the largest so far announced by any company operating in the state in 2024, public records show. The largest layoff happening in 2024 to date was on March 1, when Ahold eCommerce Sales, a Jersey City delivery company that serviced grocery chain Stop & Shop, let go of 454 employees, according to business outlet Supply Chain Drive. Those layoffs were announced last year.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email:[email protected]; Twitter:@danielmunoz100
