Layoffs

The economy is poised to rebound, meaning loan demand and hiring will pick up, some observers say. Others argue that banks have plenty of reasons to cut jobs given industry consolidation, the growth of digital banking and expectations that low interest rates will persist.

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CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

The reductions will affect less than 1% of Citi's global workforce, and with recent hiring the overall headcount probably won’t decline, the company said.

The Massachusetts company is laying off more than 40 employees with a focus on people working in its retail banking operations.

The bank joins rivals such as Deutsche Bank AG and UniCredit SpA in forging ahead with job cuts that were put on hold at the outset of the pandemic.