Citi may make a new round of job cuts in early 2026
This week, Citi promoted its smallest managing director (MD) class for four years. Next month, it may cut some MD jobs.
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Citi isn't commenting, but multiple sources say the bank is preparing for a new round of job cuts in early 2026. The cuts are expected to be firmwide and to cover markets, banking and wealth management.
Citi's last known job cuts in the investment bank happened in August when at least seven people in London were let go in London, including Jake Atcheson, one of the UK's leading insurance bankers. Atcheson reappeared in October in the safer seat of head of European insurance debt capital markets at Natixis.
In January 2024, Citi announced plans to cut 20,000 jobs in two years. Earlier this year, it still had 10,000 cuts to go. However, the bank didn't earmark any severance spending for the final quarter of 2025.
Citi insiders say underperforming MDs will be in the front line of the coming cuts. In the investment bank, there are rumours that Vis Raghavan expects each existing MD to generate $10m in revenues and that new MDs promoted this week needed $20m each to their names.
Citi declined to comment.
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