The company is planning to cut 20,000 jobs over the next two years

The company is planning to cut 20,000 jobs over the next two years

The company is planning to cut 20,000 jobs over the next two years

 American multinational investment bank and financial services company Citigroup is set to lay off 286 employees in New York.

The bank, which is carrying out a major overhaul, had, in January, said it would cut 20,000 jobs over the next two years.

According to a Reuters report, three separate notices from the company showed that this round of layoffs would affect 239 employees from its primary banking subsidiary, 44 from its broker-dealer unit, and three from its technology segment.

In January, chief financial officer of the company Mark Mason said Citigroup was planning to reduce its global workforce by 8 per cent through 2026.

Citigroup CEO Jane Fraser had, in September, announced the sweeping reorganisation plan to simplify the bank's structure after divesting from non-core markets and focusing on profitable areas.