Citigroup will resume slashing its workforce this week, joining some of its rivals including Wells Fargo (WFC) – Get Report that are now reducing headcount in a bid to rein in costs ahead of what is anticipated to be a rising wave of business and personal loan losses.
The cuts will affect less than 1% of the global workforce, and likely will be offset by recent hiring for other positions throughout the company, the bank said in a statement. The bank said it has hired more than 26,000 people globally this year.
