Citigroup’s Irish Operations Face Job Losses as Global Restructuring Begins

Up to 168 employees at Citigroup’s operations in Ireland face potential job losses as part of a global restructuring initiative to streamline the bank’s operations.

A spokeswoman confirmed the news: “Today, we informed our colleagues at Citi Ireland about the upcoming steps in our global reorganization to align our structure with our strategic objectives better and simplify the bank.” She added, “In line with this, we will soon commence a collective consultation process in Ireland.”

Despite the changes, Ireland continues to serve as a crucial European base for Citigroup, housing the headquarters for Citibank Europe Plc.

Earlier in January, Citigroup announced plans to reduce its workforce by 20,000 employees, equivalent to 8% of its global staff, over the following two years. This decision followed a $1.8 billion loss attributed to one-off charges.

Having maintained a presence in Ireland since 1965, Citigroup currently caters to clients from 160 countries through its Irish operations, which employ nearly 3,000 individuals.

In recent years, Citigroup unveiled intentions to expand its commercial banking activities in Ireland. Additionally, the banking giant is constructing a new facility in Dublin’s Waterfront South Central area, expected to be completed by 2026 and developed by RGRE, headed by Johnny Ronan.