Citigroup implements job cuts across global divisions

Citigroup has announced further job cuts as part of CEO Jane Fraser's strategy to streamline operations and reduce costs, with a target of cutting 20,000 jobs by the end of 2026. Recent layoffs have affected managing directors in the wealth and technology units, as well as a team focused on client data analysis. Notable departures include Shadman Zafar, the bank's co-chief information officer in Dallas. The bank plans to reinvest some of the cost savings into enhancing data quality and regulatory controls. Despite lowering a key profitability target, Citigroup's stock rose following the announcement of a $20 billion share buyback program. The bank's workforce currently stands at 229,000, down from the previous year as part of its ongoing restructuring efforts.