Citigroup has informed staff in Dublin of plans to cut jobs, with 168 Irish roles at risk as part of a global cost-cutting initiative.
Citibank Europe, which has its European hub in Dublin and employs close to 3,000 people in the Republic, said Ireland would continue to play an important role in its global network.
A spokeswoman confirmed the numbers in response to questions from The Irish Times. It is understood that roles will be affected across the organisation in the Republic.
“Today we updated our Citi Ireland colleagues on the next steps in our global reorganisation to align our structure with our strategy and simplify the bank. As part of this we will shortly enter a collective consultation process in Ireland,” the spokeswoman said. “Ireland remains an important European hub for Citi and the headquarters for Citibank Europe Plc.”
Some 2,900 people are employed by the group in the Republic, where its EU banking headquarters is based. More than 300 of the Irish roles have been created since early last year. It is currently in the process of developing a new building at Waterfront South Central in Dublin’s north docklands.
[ Deutsche Bank pledges to boost dividend and cut jobsOpens in new window ]
In January 2023, the Wall Street banking giant signed a €300 million deal with developer Johnny Ronan’s RGRE for the new office campus. Due for completion in 2026, Citi is understood to have paid €100 million to acquire the site, with a further €200 million being set aside for the construction of its new base, The Irish Times reported at the time.
The confirmation of the job cuts comes after Citigroup in January confirmed the details of a global cost-trimming initiative as it reported its worst quarter in 15 years. Originally flagged as part of an overhaul of its operations in September, the group confirmed in January that it would shed some 20,000 roles globally over the next three years, potentially leading to as much $2.5 billion in annual savings when fully realised.
Should banks be on the hook for access to cash into the future here?
At the time the bank said it expected the process to be completed by March, having shed around 1,000 jobs between September and December last.
Citigroup reported a net loss of $1.8 billion (€1.6bn) for the fourth quarter of 2023, in part due to costs associated with the restructuring as well as charges taken in relation to its exposure to Russia and the devaluation of the Argentinian peso.
“Our [organisational] simplification will be done by the end of the first quarter,” said chief financial officer Mark Mason in January. “That’s what will create the opportunity to help drive the headcount reduction.”
Citi said it expected its overall headcount to drop as low as 180,000 by 2025 or 2026, from a peak of 240,000 at the start of last year.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
