Citigroup to Lay off up to 50 Bankers in EMEA

Citigroup is said to be cutting up to 50 jobs in the Europe, Middle East and Africa (EMEA) region.

Citi declined to comment on the data. Previously, Fazzaco reported that the group' revenues in Q3 2022​ fell 25% year-on-year, hit by the Ukraine war, rising interest rates and soaring inflation, while its investment-banking revenue is expected to drop 60% year-over-year in Q4. In order to alleviate the negative impact of this continued decline, layoffs may be an important strategy for the bank to maintain its development.

Citigroup has about 6,000 employees across banking, capital markets and advisory activities around the world.

The cuts would mainly affect people in roles of director and managing director, the people close to the matter said.

Earlier in September, the bank had eliminated around 100 jobs​ in its mortgage business.

In addition, Citi announced that it would gradually exit 14 consumer markets in Asia, Europe, the Middle East and Mexico. To date, the bank has signed sales agreements in 10 markets and completed the sale of its business in 6 markets including Australia, the Philippines, Thailand and Bahrain​.