According to CNBC, large banks laid off employees throughout 2023. In fact, five large banks laid off 20,000 employees combined.
And Florida wasn’t immune to bank layoffs in 2023. Examples of banks that lost jobs in the Sunshine State are Fifth Third Bank, Bank of America, Wells Fargo, Trustco, and PNC Bank, to name a few examples.
And now, as a very large bank continues layoffs – with the loss of 20,000 jobs – it has been confirmed that Florida will also lose jobs.
Citigroup’s “Corporate Overhaul” In Late 2023: According to CNBC, In November of 2023 Citigroup began layoffs as part of a larger “corporate overhaul.” Managers had reportedly discussed the dismissal of 10% of workers at that time.
20,000 More Layoffs In 2024: According to CNN, Citigroup announced that it suffered a $1.8 billion net loss for the fourth quarter of 2023, which was the worst quarter in 15 years.
The company will reportedly be laying off 20,000 employees over the course of the next few years.
This is noteworthy because Citigroup is the third-largest banking institution in the United States.