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Citigroup's 20,000-job diet: the CEO says AI will "reshape how work gets done"
| Company | Citigroup |
|---|---|
| Jobs affected | 20,000 |
| Type | Layoff |
| Date | 14 Jan 2026 |
| Country | Worldwide |
| Industry | Banking & Finance |
| Reported by | Fortune |
Citigroup is cutting about 20,000 jobs - roughly 8% of its global workforce - by the end of 2026, and CEO Jane Fraser told staff in a January memo that "automation, AI and further process simplification" will reshape how work gets done at the bank. By mid-2026 more than 10,000 of those roles were already gone, with the CFO tying continued headcount declines to AI tools and the mapping of over 100 end-to-end processes for automation. Banking has long been seen as a safe white-collar haven; Citi's plan is the clearest signal yet that back-office and process roles in finance are exactly where AI cuts deepest first.