New York, January 23, 2026, 21:29 (EST) — Market closed
- Citigroup shares dropped 1.8% on Friday, closing at $113.59 and marking a weekly decline.
- Sources say the bank plans to announce additional layoffs in March, following roughly 1,000 job cuts this month.
- Citi revealed a $2.5 billion bond redemption set for settlement on Jan. 28.
Shares of Citigroup Inc slipped 1.77% on Friday, ending at $113.59 after hitting a low of $113.22 during the session. The stock heads into next week’s U.S. trading on the defensive.
The decline followed CEO Jane Fraser’s renewed push on cost-cutting. Sources say Citi plans more layoffs in March after cutting around 1,000 jobs this month. CFO Mark Mason told analysts, “We have been reducing headcount and expect that trend to continue,” as the bank’s staff dropped to 226,000 at the end of last year from 240,000 in 2022. 1
Citi took action on its balance sheet, announcing it will fully redeem $2.5 billion of its 1.122% fixed-rate/floating-rate notes due in 2027. The redemption will occur on Jan. 28 at par plus accrued interest, part of the bank’s liability management plan focused on funding and capital efficiency. 2
Friday saw a mixed finish: the Dow dropped 0.58%, but the S&P 500 managed a slight gain of 0.03%, and the Nasdaq climbed 0.28%. Investors shifted gears after a turbulent week. 3
Policy uncertainty continues to weigh on major consumer lenders like Citi. Bank of America is reportedly exploring new credit cards with a 10% interest rate, while Citi is also considering similar 10% cards in reaction to President Donald Trump’s proposal for a one-year cap on credit card rates, Reuters reported earlier this week; Citi declined to comment. 4
Citi investors face a straightforward but tricky challenge right now: slash expenses without disrupting operations, keep regulators at bay, and steer clear of policy shocks that could slam consumer lending. Much of this is already baked in after last year’s surge. The stock has been volatile so far in 2026.
The downside scenario is easy to outline. We don’t yet know how deep the March cuts will go or where they’ll hit. High-level layoffs risk shaking up client service and revenue well before any cost savings kick in. On top of that, ongoing Washington scrutiny over card pricing and typical rate sensitivity tighten the margin for error.
Macro factors could dominate soon. With a packed earnings calendar and a Federal Reserve meeting set for next week, market attention has been shifting rapidly. “Earnings are the driver,” said Franklin Templeton strategist Chris Galipeau in a Reuters Week Ahead note. 5
The Fed’s two-day meeting is scheduled for Jan. 27–28, with the policy decision set for 2:00 p.m. and a press conference following at 2:30 p.m. on Jan. 28, per the central bank’s calendar. 6
At Citi, traders are keen to catch any updates on March headcount changes following bonuses, how the bank plans to counter a wider credit card cap, and how the Jan. 28 debt redemption will align with the Fed’s decision.
