Laid off from Citi.
Citi announced 20,000 job cuts with a deadline of 2026, then spent two years hitting it. The program had a name, a budget, and a published headcount target, which makes it unusually legible for a bank.
At a glance
What's been reported about Citi severance packages
- 20,000 roles by end of 2026 · The restructuring target
- About 10% · Share of the bank
- Up to $1B · Reported severance budget for the program
- Not published · Individual formula
The latest
The 20,000-cut program reaches its final year
Citi said in January 2026 it would keep reducing headcount through the final year of its plan to cut 20,000 roles, about 10% of the bank, by the end of 2026. Recent rounds have hit data, analytics, and managing director ranks, with WARN filings marking tranches at sites like Jersey City.
Previous rounds
How Citi has handled layoffs in the past
Citi's reduction has been a named, numbered program rather than a series of surprises. Fraser announced 20,000 cuts, about 10% of the bank, in January 2024 alongside the biggest reorganization of the bank in decades, flattening management layers and killing overlapping functions. The bank then reported progress against the number in earnings calls like any other target, and confirmed in January 2026 that cutting would continue through the plan's final year.
What Citi published was the aggregate, not the individual. Up to $1 billion in severance and reorganization costs was budgeted across the program, which averages to real money per affected person, but no formula has ever been released, and reported experiences have varied by business line and geography. The rounds themselves surfaced through role-level reporting and state WARN filings rather than announcements.
A published program with a deadline cuts both ways for the people inside it. It has meant Citi employees could estimate remaining risk better than peers at banks that never say numbers. It has also meant two straight years of knowing another wave was coming. If you're at Citi, the practical read is that the program's math has been public since 2024, your site's WARN filings mark the tranches, and nothing about the individual package is knowable until your own paperwork arrives.
Recent Citi layoffs
2024 through 2026 · About 20,000 roles, roughly 10% of the bank, under the reorganization Jane Fraser announced in January 2024, executed in waves through 2026
Individual terms not published. Citi told investors it expected up to $1 billion in severance and reorganization costs across the program.
2025 · Continued waves, including cuts to data and analytics roles and managing directors, with multi-tranche WARN filings in New Jersey
Terms not published.
Quick answers
How many jobs is Citi cutting by 2026?
About 20,000, roughly 10% of the bank, under the reorganization announced in January 2024, with the bank confirming in January 2026 that reductions would continue through the year. Progress has been reported against the target in earnings calls.
What severance does Citi pay?
Citi hasn't published individual terms. The bank budgeted up to $1 billion in severance and reorganization costs across the 20,000-role program, but what any one person receives lives in their separation agreement.
What severance has Citi given laid-off employees?
20,000 roles by end of 2026 (the restructuring target). Packages change between rounds, and your separation agreement is the only version that counts.
Where do I file for unemployment after a Citi layoff?
In the state where you worked, not where the company is headquartered. Citi's biggest U.S. hubs are New York, Florida, Texas. Severance usually doesn't block you from filing, and benefits run from your filing date, so file the same week.
Should I sign the severance agreement right away?
Not on the spot. First pin down how much review time you actually have. If you're 40 or older, federal law gives you 21 days to consider an agreement that waives age claims, 45 in a group layoff, and a waiver signed under a shorter deadline can be invalid. If you're under 40, no federal window applies and the deadline in your packet may be real, so confirm it in writing and ask for more time if you need it. Use whatever window you have to read the release terms, especially non-disparagement and no-lawsuit clauses, and don't stall past a real deadline, because offers can be withdrawn.
Can I collect unemployment if I got severance from Citi?
Usually yes, though some states delay benefits until severance pay periods end, and lump sums are treated differently than salary continuation. Check your state's rules on our state benefit pages, and file immediately either way so your claim date is locked in.
Help for people recently laid off from Citi
- File for unemployment in the state where you worked. Benefits run from your filing date, and severance usually doesn't block you. Citi's biggest hubs: New York, Florida, Texas. Somewhere else? Every state is here.
- Don't sign the severance agreement on the spot. Find out in writing how long you have to review it. At 40 or older, federal law guarantees 21 days, 45 in group layoffs. Under 40, the packet's deadline may be real, so ask for time rather than assume. Read our severance breakdown first. The clauses matter more than the number.
- Mind the health insurance window. Losing coverage opens a 60-day special enrollment period, and an ACA plan usually beats unsubsidized COBRA. Compare your options before the employer coverage lapses.
- Get your real runway number. Severance plus savings divided by reality. The calculator takes five minutes.
- Know which clocks are already running. Severance review windows, COBRA election, visa grace periods, and 401(k) rollovers all run on federal deadlines that started at termination. All five deadlines are here.