Citigroup to cut 1,000 jobs this week as Meta plans 10% Reality Labs reduction

Citigroup is set to cut about 1,000 jobs this week, according to a source cited by Reuters, as part of a restructuring plan announced two years ago to reduce its workforce by 20,000 positions by the end of 2026.

Citigroup, headquartered in New York, had about 229,000 full-time employees at the end of 2025, the report said. The bank has not officially disclosed the number of positions being cut in this round, but said it will continue reducing headcount in 2026.

A bank spokesperson said the changes reflect “workforce, location and skills” adjustments to align with current business needs. Under CEO Jane Fraser, who took the top job in 2021, Citigroup has been reshaping the organisation to close performance gaps with rivals and address long-running weaknesses in data governance and risk management.

Citigroup has also made senior leadership changes, appointing Gonzalo Luchetti as chief financial officer to replace Mark Mason, and is due to report fourth-quarter results on Wednesday, January 14, 2026, the bank has said.

Separately, Reuters reported that Meta Platforms is preparing to cut around 10% of staff in its Reality Labs division, following a New York Times report. Reality Labs employs about 15,000 people and the reductions are expected to affect metaverse-related work, as Meta shifts investment priorities towards AI and wearables. Meta declined to comment, Reuters said.