Citigroup reorganizes businesses, cuts jobs as bank is mired in stock slump

While some rivals have been eliminating jobs amid a slump in Wall Street activity, Citigroup staff levels have grown as the firm complies with regulators’ demands to improve risk controls. The bank had 240,000 workers as of June, 4% higher than a year earlier.

CEO Jane Fraser addressed the coming job cuts in a memo to staff.

“We’ll be saying goodbye to some very talented and hard-working colleagues who have made important contributions to our firm,” Fraser said.