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Citigroup to dismiss 286 New York employees

According to a report by Reuters, citing Citigroup Inc’s filings to the State Department of Labor, the lender intends to dismiss 286 employees in New York.

Three separate notices from this week revealed the layoffs would affect 239 employees at Citigroup’s primary banking subsidiary, 44 at its broker-dealer unit and 3 at its technology arm.

In January, the financial group had announced that it would cut 20,000 jobs over the upcoming two years, after a “clearly disappointing” quarter in which it posted a $1.8 billion loss due to one-off charges.

The Wall Street bank is looking to cut its workforce globally by about 8% through 2026.

Stock Performance

The shares of Citigroup Inc (C) closed 0.80% ($0.44) higher at $55.49 in New York on Thursday, as they reversed a loss from the previous market session.

The financial group’s total market cap now stands at $106.062 billion.

The shares of Citigroup Inc (C) went up 13.73% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).

The lender’s shares have risen 7.87% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 10 out of 20 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 9 – as “Hold”. The median price target on the stock stands at $61.95, which translates into an 11.64% upside compared to the closing price on Thursday.

The high point of the analyst forecast range stands at $95.00.

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