Citigroup Inc. will resume job cuts starting this week, joining rivals such as Wells Fargo & Co. in ending an earlier pledge to pause staff reductions during the coronavirus pandemic. The cuts will affect less than 1% of the bank’s global workforce, the bank said in a statement. “The decision to eliminate even a single colleague role is very difficult, especially during these challenging times," Citigroup said in the statement. Banks have resumed job cuts in recent weeks after pledging, en masse, to pause such actions earlier this year. Mason said the bank has been investing more in improving its infrastructure and control functions after spending roughly $1 billion on such efforts this year.

Source: Mint September 14, 2020 23:37 UTC