Florida Is Expected To Lose Banking Jobs As Massive Bank With Large Florida Campus Has More Layoffs

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According to CNBC, large banks laid off employees throughout 2023. In fact, five large banks laid off 20,000 employees combined.

And Florida wasn't immune to bank layoffs in 2023. Examples of banks that lost jobs in the Sunshine State are Fifth Third Bank, Bank of America, Wells Fargo, Trustco, and PNC Bank, to name a few examples.

And now, as a very large bank continues layoffs - with the loss of 20,000 jobs - it has been confirmed that Florida will also lose jobs.

Citigroup's "Corporate Overhaul" In Late 2023: According to CNBC, In November of 2023 Citigroup began layoffs as part of a larger "corporate overhaul." Managers had reportedly discussed the dismissal of 10% of workers at that time.

20,000 More Layoffs In 2024: According to CNN, Citigroup announced that it suffered a $1.8 billion net loss for the fourth quarter of 2023, which was the worst quarter in 15 years.

The company will reportedly be laying off 20,000 employees over the course of the next few years.

This is noteworthy because Citigroup is the third-largest banking institution in the United States.

Florida Layoffs: Central Florida's Tampa is home to a 100-acre Citigroup corporate campus where approximately 10,000 employees are employed. This large campus ranks only behind the company's New York campus in size.

According to The Tampa Bay Business Journal, the Tampa campus will see some job cuts as the result of the 20,000 employee layoff that is happening nationwide.

An employee reportedly told the Journal that technology support groups had been affected by the layoffs.

Tampa employees with Citigroup give the employer 3.9 out of 5 stars on Indeed. Some said they benefit from the latest technologies, and one person said that the benefits offered were excellent. But another person alleged that the company expects you to do the work of more than one person without a raise.

The author is not affiliated with Citigroup or any other banks.