Major Bank Laying Off Almost 300 Employees In New York

A major banking company is laying off almost 300 employees in New York. 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 13,617 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.

According to WARN notices provided to New York State, Citigroup Technologies, Inc., 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 3 employees at its 388 Greenwich Street, New York, NY, 10013 location. The layoff began on February 2, 2024, and will end on May 3, 2024. Citigroup Global Markets, Inc., also listed at the same address, will lay off 44 employees during the same timeframe. Citibank, N.A., located at 388 Greenwich Street also, will let go of the most employees - a total of 239.

Major Banks Are Closing 11 Bank Branches In New York

New York banking customers are subject to another round of local branch closings. Eleven bank branches of major institutions will close or have closed around New York State. If you are the type of person who likes to do your banking in person, you may be in for a rude awakening. Many local branches have submitted their notice of closure to the Office of the Comptroller of Currency. Unfortunately, the reasons the branches are being closed are not provided.

Even if there is no other branch in the area, banks are still permitted to close a local branch. They do, however, have to provide notice.

Generally, the bank is required to notify customers of the branch closing by mailing notices at least 90 days before the closing date of the branch, and posting a public notice at the branch 30 days before the closing date.

Capital One, National Association
- Long Beach, 11 EAST PARK AVENUE, LONG BEACH, NY 11561
- 59th & 3rd, 991 THIRD AVENUE, NEW YORK, NY 10022
- 4th & 6th, 347 SIXTH AVENUE, NEW YORK, NY 10014
- 45th & 6th, 1166 AVENUE OF THE AMERICAS, NEW YORK, NY 10018
- 32nd & Park, 470 PARK AVENUE SOUTH, NEW YORK, NY 10016

Citibank, National Association
- 5th Avenue Branch, 785 5TH AVENUE, NEW YORK CITY, NY 10022

Citizens Bank, National Association
- Niagara Falls Boulevard/Tops Branch, 7200 NIAGARA FALLS BOULEVARD, NIAGARA FALLS, NY 14304

Community Bank, National Association
- Potsdam May Rd. Branch, 41 MAY ROAD, POTSDAM, NY 13676

JPMorgan Chase Bank, National Association
- Broadway Morris Exchange Banking Center, 42 BROADWAY, NEW YORK, NY 10004

KeyBank National Association
- Titus Branch, 525 TITUS AVENUE, ROCHESTER, NY 14617

Santander Bank, National Association
- Un Plaza, 711 THIRD AVENUE & 45TH STREET, NEW YORK, NY 10017

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