The rising trend of large corporations cutting back employees looks set to continue amid a report that Citigroup is scaling back its investment banking unit’s staff.
Citigroup eliminated dozens of jobs across its investment banking arm, according to a Tuesday (Nov. 8) Bloomberg report.
“We obviously will look at how the wallet continues to evolve and are very disciplined as it relates to expenses … [We are] very focused on ensuring that we have productive talent in our business,” Citigroup Chief Financial Officer Mark Mason told Bloomberg.
Citigroup did not respond to a phone request for comment from PYMNTS.
The move comes in contrast to the bank’s hiring spree earlier this year to boost its position in certain sectors, including health care and technology.
In October, Citi faced another staffing shake-up when its director of blockchain and digital assets, Alexander Kech, left the company. Kech took on a role at Six Digital, a Swiss digital asset exchange.
Read more: Citigroup Blockchain Exec’s Departure for Six Digital Shows Growing Trend
From tech to eCommerce to ridesharing, firms across various industries have recently been cutting down on staff in response to worsening economic outlook in an attempt to maintain steady financials.
On Wednesday (Nov. 2), Amazon announced a hiring freeze, saying in a company memo that it would “continue to monitor what we’re seeing in the economy and the business to adjust as we think makes sense.”
On Thursday (Nov. 3), Stripe announced it would cut its staff by 14%, a move the payments giant blamed on the “very consequential mistakes” of growing operating costs too quickly and underestimating the likelihood of an economic slowdown.
On Friday (Nov. 4), PYMNTS reported that Twitter planned to lay off employees as it was shaken by changes under new owner Elon Musk.
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