Citigroup is moving forward with about 1,000 job cuts this week, according to people familiar with the matter and a report from Bloomberg.

The reductions extend CEO Jane Fraser’s multi-year drive to simplify the bank and push down expenses as it works to improve returns.

The latest cuts fit within a target Citi has discussed since 2023 to eliminate 20,000 roles by the end of 2026.

The bank had about 229,000 full-time employees at the end of 2024, underscoring the scale of the effort still ahead.

Fraser, who took over as CEO in 2021, has been reshaping the lender by narrowing its footprint and reorganising its operations, part of an effort to close a long-standing performance gap with larger US banking rivals.

Citi has also been addressing weaknesses in areas such as risk controls and data governance as it pushes through its broader transformation plan.

The group is scheduled to report quarterly results this week, and the bank typically finalises compensation decisions around the same period.

Leadership changes have continued alongside the overhaul.

Fraser was elected chair of Citi’s board in October, and the bank has since named Gonzalo Luchetti as Chief Financial Officer, replacing Mark Mason.

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