Citigroup Cuts 1% Staff Across Operations, Tech, Investment Banking Units

Citigroup Inc C is laying off several hundred jobs across the company, including its investment banking division.
The cuts amount to less than 1% of Citigroup's 240,000-person workforce, according to people familiar with the matter.
Staffers across the firm's operations, technology organization, and U.S. mortgage-underwriting arm are also affected.
Rival Wall Street banks, including Goldman Sachs Group Inc GS, Morgan Stanley MS, and Credit Suisse Group AG CS announced thousands of staff layoffs due to economic uncertainty and slower deal-making activities.
The routine cuts are part of -Citigroup's typical business planning, Bloomberg reported citing people familiar with the matter.
There's been no broad mandate for managers to cut staffers; instead, various divisions have grappled with different reasons for the cuts, the report added.
Citigroup reported Q4 investment banking revenues of $645 million, down 58% Y/Y, and analysts expect further declines in the first quarter.
Mortgage demand has dropped in recent months amid rising prices and a rapid increase in mortgage rates.
"We continue to invest in our transformation to address our consent orders and to modernize our bank," Fraser said in January. "We're streamlining our processes and making them more automated whilst improving the quality and accessibility of our data. This will make us a better bank."
Price Action: C shares are down 0.19% at $51.30 during the premarket session on the last check Friday.