Major layoffs extend into 2026 as Citi, Meta, and BlackRock cut jobs

Several major corporations have announced fresh rounds of job cuts, signalling that the wave of layoffs seen through 2025 has carried into 2026.

Financial institutions and technology groups are trimming headcount as they seek to control costs, restructure operations, and redirect investment toward priority areas such as artificial intelligence and alternative assets.

Citigroup accelerates multi-year cost-cutting plan

Citigroup Inc. is preparing to eliminate about 1,000 jobs this week as part of chief executive Jane Fraser’s long-running effort to improve returns and rein in expenses at the Wall Street bank, reported Bloomberg.

The reductions are part of a broader restructuring programme announced two years ago that aims to cut 20,000 roles by the end of 2026.

The New York-based lender employed about 227,000 people at the end of September.

The report said the bank is on track to reduce its workforce significantly as it streamlines operations and exits non-core businesses.

Under Fraser, who took over in 2021, Citigroup has retreated from much of its international retail banking footprint and reorganised its core divisions.

“We will continue to reduce our headcount in 2026,” Citigroup said in a statement.

“These changes reflect adjustments we’re making to ensure our staffing levels, locations, and expertise align with current business needs; efficiencies we have gained through technology; and progress against our transformation work.”

Chief Financial Officer Mark Mason previously said the bank’s firmwide headcount would fall by about 60,000 by the end of 2026, to roughly 180,000 employees.

That figure includes around 40,000 staff who are expected to leave when Citigroup lists its Mexican retail banking business, Banamex, in an initial public offering. To meet its target, the bank will still need to make further cuts this year.

Citigroup’s shares surged 66% last year, outperforming other major US banks.

Meta trims Reality Labs as focus shifts to AI

Meta Platforms is also planning job cuts, with around 10% of employees in its Reality Labs division expected to be laid off, said a New York Times report citing people familiar with the discussions.

The unit, which has about 15,000 employees, develops virtual reality hardware and metaverse-related products.

The reductions could be announced as soon as this week and would disproportionately affect teams working on VR headsets and a virtual reality-based social network.

Andrew Bosworth, Meta’s chief technology officer who oversees Reality Labs, has called a meeting described as the “most important” of the year, though no further details were provided.

The cuts reflect chief executive Mark Zuckerberg’s push to redirect spending toward artificial intelligence as competition intensifies from rivals such as OpenAI and Google.

Meta has sharply increased investment in AI research and data centres, while scaling back some metaverse ambitions.

The company has spent tens of billions of dollars on virtual reality initiatives since acquiring Oculus in 2014, but consumer adoption has remained limited.

In December, a Meta spokeswoman said the company was “shifting some of our investment from Metaverse toward A.I. glasses,” and was not planning “any broader changes.”

BlackRock cuts headcount amid strategic overhaul

BlackRock Inc., the world’s largest asset manager, is cutting about 250 jobs, or roughly 1% of its global workforce, said a Bloomberg report.

The reductions span investment and sales teams and come as the firm continues to reshape its business under chief executive Larry Fink.

The move follows BlackRock’s $12 billion acquisition of private credit specialist HPS Investment Partners in July, as it expands deeper into alternative investments.

The firm implemented two similar rounds of cuts last year, each trimming about 1% of staff.

BlackRock employed about 24,600 people and managed roughly $13.5 trillion in assets at the end of September.

Layoff trend persists across sectors

The announcements from Citigroup, Meta, and BlackRock underscore how companies across finance and technology are continuing to reduce headcount in 2026.

UBS Group is also planning job cuts as it integrates Credit Suisse systems, while other firms are reassessing staffing needs amid shifting economic conditions and strategic priorities.

Together, the moves highlight a cautious corporate environment, with executives prioritising efficiency and targeted investment over workforce expansion.