Layoffs have evolved into a tumultuous phenomenon, impacting not only employees but also human resources (HR) departments and organisational leaders. As companies navigate through economic uncertainties, technological disruptions, and shifting market demands, the burden falls heavily on HR teams tasked with managing workforce reductions while maintaining employee morale and productivity. 

Moreover, organisational leaders are confronted with difficult decisions regarding cost-cutting measures and strategic realignments, often under intense scrutiny from stakeholders.

The latest company to face this dilemma is Citigroup, which is set to lay off 286 employees in New York, as reported in filings to the State Department of Labour. 

This move comes amidst the bank's largest restructuring effort in decades. Three separate notices, dated earlier this week, indicated that the layoffs would affect 239 employees from its primary banking subsidiary, 44 from its broker-dealer unit, and three from its technology arm. 

In January, Citigroup announced plans to cut 20,000 jobs over the next two years, citing a "clearly disappointing" quarter marked by one-off charges that led to a $1.8 billion loss. 

The lender is targeting an approximately 8% reduction in its global workforce by 2026, which includes layoffs resulting from the ongoing reorganisation, Chief Financial Officer Mark Mason informed reporters. 

CEO Jane Fraser unveiled the extensive reorganization plan in September, aiming to streamline the bank's structure following divestments from non-core markets and a focus on profitable areas.