The 5,000 "mainly managerial" job cuts are happening fast. Fraser said Citi's 12,000 managers have already been reduced to 10,800 as four layers were removed in three phases that began late last year. Cutting the fifth and final layer could seemingly be the most painful yet: Citi has 3,800 of its 5,000 mostly managerial job cuts still to go. When the process is over, likely at the end of Q1 this year, the bank will seemingly have up to 40% fewer managers than it started with.
Even if 5,000 managers are cut, however, Citi will still need to find another 15,000 job cuts to get to its 20,000 total. These 15,000 additional cuts, which will take place through to 2026, will require a different approach. Fraser said they will be achieved by consolidating functions, by eliminating "stranded costs" in businesses already closed, by exiting other "marginal businesses" (including, it seems Muni bonds and distressed debt trading), by "right sizing the core expense base" and by increasing automation and efficiency. She said the bank already retired 6% of its legacy platform base and automated 90% of price verification for its priority fixed income and equities securities.
https://www.efinancialcareers.com/news/citigroup-s-20-000-job-cuts-are-not-what-you-think