Approximately 275 Citigroup workers in the national capital region will lose their jobs due to corporate restructuring at the financial services firm.
The company announced Wednesday that it will eliminate 17,000 positions, about 6 percent of Citigroup’s workforce. Citigroup officials said the cuts were part of a strategic effort to grow through streamlined organization and expense reductions.
“We have been very careful to maintain our revenue generating capability — in fact, this effort should enhance our capacity to grow,” Citigroup Chief Operating Officer Robert Druskin said in a statement announcing the cuts. “There will be very little impact on client-facing functions, other than additional efforts to enhance our service levels.”
Company spokesman Rob Julavits said in the District, 1 percent of 670 employees would lose their jobs. In Maryland, 4 percent of 5,900 employees will be out of work, while in Virginia 3 percent of 1,000 employees fell victim to job cuts. This totals 276 workers.
Julavits said the company would begin telling affected workers this week.
He would not specify where the job cuts would occur.
“In D.C. and Maryland and Virginia, this action will have very minimal impact on employment levels,” he said.
