Citibank plans to cut 141 jobs across New Jersey effective on various dates in May and June, the financial services company informed state officials this month.
The planned layoffs appear on a state record of Worker Adjustment and Retraining Notification Act, or WARN, notices.
In January, the bank cut about 1,000 jobs as part of a plan announced two years ago to reduce headcount by 20,000.
"As we said previously, we will continue to reduce our headcount in 2026," the company said in a statement emailed to ThinkAdvisor on Thursday. "These changes reflect adjustments we're making to ensure our staffing levels, locations and expertise align with current business needs; efficiencies we have gained through technology; and progress against our Transformation work, which is nearing Citi's target state. We are grateful for the contributions these colleagues have made to Citi."
A transcript from Citi's earnings conference call last month shows that Mark Mason, the chief financial officer, said that "we have been reducing headcount, and we expect that trend to continue as we take a step back and look at the trajectory of our expense base. Over the past five years, we've invested significantly in the transformation and technology to modernize our infrastructure, simplify and automate our processes, and enhance and streamline our data.
"At the same time, we've incurred restructuring and severance charges to simplify our organizational structure and invested in the businesses to drive top line revenue growth in a disciplined way," Mason said.
No information was immediately available on what job types are being eliminated.
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