Major Bank Laying Off 400 More Workers In New York

A major bank that already laid off almost 300 employees is now laying off over 400 more. The bank announced the layoff of more workers via New York State's Worker Adjustment and Training Notification, also known as WARN notices. The layoffs will take place in the New York City area but could be a sign of the times for the company all around New York State.

Who Is Citigroup?

Citigroup is the third biggest banking institution in the United States,

Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation incorporated in Delaware and headquartered in New York City. It is one of the Big Four banking institutions of the United States. It is considered a systemically important bank by the Financial Stability Board and is commonly cited as being too big to fail. ~ Wikipedia

Citi has 13,270 at its offices at 388 Greenwich Street, New York, NY, 10013, which is its global headquarters. The layoffs represent around two percent of its workforce there.

Read More: 24 Bank Branches Have Closed In New York This Year

According to WARN notices provided to New York State, Citigroup Technologies, Inc., Citishare, Corp., Citigroup Global Markets, Inc., and Citibank, N.A. are laying off hundreds of employees due to economic reasons. Citigroup Technology, Inc. will only be letting go of 4 employees at its 388 Greenwich Street, New York, NY, 10013 location. The layoffs will begin June 29, 2024. Citigroup Global Markets, Inc., also listed at the same address, will lay off 62 employees during the same timeframe. Citishare, Corp. will release one employee, and Citibank, N.A. will let go of the most employees - a total of 363.

Citi previously submitted WARN notices announcing the layoff of almost 300 employees due to economic reasons. Citigroup Technologies, Inc., Citigroup Global Markets, Inc., and Citibank, N.A. laid off hundreds of employees. The layoffs began on February 2, 2024, and will end on May 3, 2024. Citigroup Technology, Inc. let go of 3 employees, Citigroup Global Markets, Inc., laid off 44 employees, and Citibank, N.A. let go of 239.

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