Citigroup has initiated a fresh round of job cuts targeting senior managers, as part of a comprehensive reorganization outlined two months ago by the nation’s third-largest bank.

The cuts equate to around 10% of senior manager positions, impacting approximately 300 managers, according to Bloomberg.

Citigroup, based in New York City, currently employs around 240,000 individuals.

These reductions reflect the challenges faced by Wall Street and the broader banking industry throughout a challenging year, Yahoo Finance reported.

Major banks, particularly those with extensive trading and investment banking operations, have grappled with a decline in dealmaking, economic uncertainty, and the effects of higher interest rates set by the Federal Reserve in 2023.

The financial service industry is anticipating flat or decreased bonuses for the year, particularly in investment banking and commercial banking, according to a third-quarter report from Johnson Associates.

Pay incentives in these sectors are predicted to remain stagnant compared to 2022 and fall below levels observed in the preceding three years.

Written by B.C. Begley