Citigroup Severance Package: 2026 Guide
2 weeks of base pay per full 12 months of service, capped at 52 weeks (1 year). The 10+ year tenure supplement was eliminated in December 2008; even 30-year veterans cap at 52 weeks.. Calculate your estimated Citigroup severance below.
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What Citigroup Typically Offers
Known Severance Benefits
- ✓2 weeks per year of service capped at 52 weeks (uniform across grades; no tier supplements since Dec 2008)
- ✓Title-tiered garden leave / early termination notice at full pay + benefits: VP/SVP 30 days, Director 50 days, Managing Director 75 days, Executive Management Team 180 days (per Citi Employment Termination & Nonsolicitation Policy filed on Justia/SEC)
- ✓Capital Accumulation Program (CAP) / Deferred Stock: under involuntary termination other than gross misconduct, unvested CAP shares CONTINUE TO VEST on original schedule (SEC Ex. 10.04). 'Rule of 60' (age + service ≥ 60) gets retirement-style continued vesting
- ✓Deferred Cash Awards (banker bonus deferrals, typically 40-60% of MD/SVP bonus deferred over 4 years): same continued-vesting treatment subject to clawback (SEC Ex. 10.03)
- ✓Outplacement: up to 6 months one-on-one career coaching via Mercer / Right Management
- ✓Unused PTO paid out lump-sum (Citi policy; NY does not mandate)
- ✓COBRA at full employee cost: Citi does NOT subsidize COBRA in the standard package
- ✓401(k) match vests immediately (changed years ago)
Citigroup severance depends on role, timing, and agreement terms
For example, a Citigroup employee earning $148,000 with 5 years of service has an illustrative estimate of $42,692. Bonus treatment, equity, release language, and other separation terms can change the wider picture.
These figures are estimates, a starting point, not a final figure. Your actual package may be higher or lower, and negotiation can move an offer in either direction, including not at all.
Check My CitigroupSituation →Citigroup Recent Layoff History
These entries include workforce snapshots, planned reductions, WARN notices and attributed media reports. They may overlap and should not be added together. They do not establish an individual severance package. Primary references include Citi's July 2026 earnings presentation, 2024 Form 10-K, and the New York and New Jersey 2024 WARN archives. Rows identified as media reports have a different evidence basis.
| Date | Reported count | Details |
|---|---|---|
| First half 2026 | N/A | Citi's Q2 earnings presentation and call on 14 July 2026 reported 219,000 direct staff at quarter-end, compared with 224,000 in Q1 and 230,000 a year earlier. The CFO described approximately $800M of first-half severance costs, including approximately $300M in Q2, and possible further efficiency actions in H2. These are company-wide workforce and accounting figures, not an individual package or a count of completed layoffs. |
| January 2026 | 1,000 | PYMNTS reported on 12 January 2026, citing Bloomberg's unnamed sources, that Citi planned approximately 1,000 cuts that week. This is an attributed media estimate of planned cuts, not a separately verified count of completed departures. |
| January 2025 | N/A | Entrepreneur reported reductions involving Wealth at Work managing directors and a data-analysis team, without a specific count. Its report described a planned $600M severance budget for 2025; a budget is not an amount paid to employees or an individual benefit. |
| Full year 2024 | 10,000 | Citi's 2024 Form 10-K reports approximately 229,000 full-time employees at year-end, compared with 239,000 a year earlier: a net reduction of about 10,000. Net headcount change includes hiring and departures and is not a separate layoff total to add to the other entries. |
| April 2024 | 187 | New Jersey DOL's 2024 WARN archive lists 187 affected workers across Citibank, Citigroup Global Markets, Citigroup Technology and Citishare in several New Jersey cities. April is the archive's posting month, not a confirmed date for all departures. |
| March-June 2024 | 429 | New York DOL notices dated 29 March 2024 identify 363 Citibank N.A., 62 Citigroup Global Markets and 4 Citi Technology workers, with 29 June 2024 layoff dates. This is the sum of those three notices, which may overlap broader restructuring totals. |
| April 2024 | N/A | Bloomberg reported reductions in US technology, media and telecom investment-banking coverage on 1 April 2024. This is an attributed media report; no company-confirmed count is supplied here. |
| March 2024 | N/A | Bloomberg reported London investment-banking reductions on 20 March 2024. This is an attributed media report; no company-confirmed count is supplied here. |
| February 2024 | 286 | New York DOL notices posted in February 2024 list 239 Citibank N.A., 44 Citigroup Global Markets and 3 Citi Technology workers. Posting dates differ from notice and layoff dates; these entries are not an additional company-wide total. |
| Q1 2024 | 7,000 | Contemporaneous eFinancialCareers reporting described approximately 7,000 roles associated with the restructuring. This is a media-reported figure; aggregate repositioning costs do not establish an average salary or severance payment for that group. |
| January 2024 | 20,000 | Citi's January 2024 earnings presentation set out an expected net reduction of approximately 20,000 in reported headcount over the medium term. This was a forward-looking company-wide target, not 20,000 completed layoffs in January, and overlaps later progress figures. |
Sources: Bloomberg, Reuters, Fortune, Financial Times, CBS News, Banking Dive, eFinancialCareers, NY DOL WARN Dashboard, WARN Tracker, SEC EDGAR (Citi CAP Ex. 10.04, Deferred Cash Ex. 10.03, Termination Policy)
Citigroup Severance Tax (New York)
Citigroup is headquartered in New York. Here's how severance is taxed there:
Example: A Citigroup employee with 5 years of service earning $148,000 would receive approximately $42,692 gross ( $28,305 after tax in New York).
How Citigroup Compares to Finance & Banking Average
Other Finance & Banking Companies
| Company | Formula | Rating |
|---|---|---|
| Coinbase | 14 weeks minimum | Standard |
| Goldman Sachs | Discretionary, not formulaic: Goldman has no SEC-filed severance plan (unlike CVS or Citi's CAP plan). NY norm: ~60 days continued 'active employment' at full base + benefits, then ~5 weeks base-pay severance + tenure-based extension. By level (employee-reported via Fortune, eFinancialCareers, SimpleSeverance): Analyst/Associate 4-8 weeks, VP 3-6 months, Director/MD 6-12+ months, Partner discretionary (typically 12+ months with deferred-comp negotiation). Bonuses EXCLUDED by default. | Generous |
| JPMorgan Chase | 2 weeks base + 2 weeks per year of service, minimum 4 weeks, capped at the lesser of 52 weeks or $400,000 (per the JPMorgan Chase U.S. Severance Pay Plan summary plan description and consistent employee reports; not company-confirmed for every grade) | Standard |
| Morgan Stanley | 2 weeks per year (similar to JPMorgan structure) | Standard |
| Bank of America | Employee-reported (SimpleSeverance, HelpFromHR, TheLayoff forum, Glassdoor): 2 weeks per year of service, minimum 4 weeks, capped at 52 weeks (1 year). Long-tenured (20+ years) reportedly receive 3 weeks per year capped at 78 weeks. BofA does NOT publish a public SEC-filed severance plan exhibit (unlike CVS). Treat these figures as employee-reported consensus, not company-confirmed. | Standard |
| Wells Fargo | Salary Continuation Pay Plan (employee-reported via fired.fyi + TheLayoff forum): 8 weeks minimum (under 3 years tenure), then 2 weeks per year of service, capped at 52 weeks. Includes a 60-day paid garden-leave period during which the employee is on payroll with active benefits and 401(k) match continues. Lump-sum or installments at employee election. | Standard |
| PayPal | 2 months base + additional weeks per year | Standard |
| Visa | Generous packages relative to fintech peers | Generous |
Negotiating Your Citigroup Severance
Strategies specific to Citigroup employees:
- ✓Extend the garden leave clock: VP+ employees can negotiate to lengthen the notice period (effectively additional paid weeks at active benefits) before the 52-week severance starts; the tiered schedule is a floor, not a ceiling
- ✓CAP / Deferred Cash continuance is the biggest lever for revenue producers: get explicit written confirmation that termination is NOT 'for cause' to preserve unvested deferred comp (often 6-7 figures for MDs with 2-4 years of unvested awards)
- ✓Narrow the clawback scope: standard agreement preserves Citi's right to claw back deferred comp for 'material adverse outcome.' Push to narrow the trigger language
- ✓Reduce the 1-year non-solicit to 6 months, a common ask. Non-compete enforceability varies sharply by state (California voids most under Bus. & Prof. Code §16600; Texas enforces reasonable ones under Bus. & Com. Code §15.50). How it applies to a specific agreement is something counsel can review
- ✓Regulatory context: Citi carried out much of the 2024-2026 restructuring while under OCC/Federal Reserve consent orders, and by mid-2026 reported that consent-order workstreams were winding down. Whether a regulatory context has any bearing on an individual separation (particularly in risk, compliance, or data roles) is fact-specific, and something an employment lawyer can review.
Reviewing a Citigroup agreement?
Use your estimate as a starting point, not a final answer. Releases of claims, stock equity, short deadlines, and layoffs involving protected rights all need closer review.
Add your details
Put the Citigroup context against your own details.
Published company examples are useful context, but role, tenure, offer terms, and location can change the picture. In about 6 minutes, get a Severance Score, an estimated benchmark range, potential red flags, and three negotiation angles to consider.
SeveranceCalc is not a law firm and does not provide legal advice. Our calculators and reports are educational estimates only. Only a licensed employment attorney in your state can advise you on your specific legal rights.
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Citigroup Severance FAQ
How much severance does Citigroup pay?▼
Citigroup typically offers 2 weeks of base pay per full 12 months of service, capped at 52 weeks (1 year). The 10+ year tenure supplement was eliminated in December 2008; even 30-year veterans cap at 52 weeks.. Their severance reputation is rated as “Standard” compared to finance & banking industry peers.
Can I negotiate my Citigroup severance?▼
Yes. Many severance packages at Citigroup are negotiable, but the amount of movement depends on role, tenure, timing, company policy, and any legal issues. Review cash, bonus treatment, equity, COBRA, restrictive covenants, and release language before signing.
How is Citigroup severance taxed?▼
Citigroup severance is taxed as supplemental wages at 22% federal flat rate plus 11.7% New York state tax, for a total of approximately 33.7%. If you work remotely, your state of residence tax rate applies instead.
Related Finance & Banking Companies
What to Do If You're Laid Off from Citigroup
- Signing on the spot is rarely required. Review periods commonly run 21-45 days. Where the OWBPA applies (workers 40+, employers with 20 or more employees, and a release waiving age claims), 21 days is the minimum, or 45 for a group layoff. Use our free agreement analyzer to identify red flags and problematic clauses in your Citigroup separation agreement.
- Calculate whether your offer is fair. Citigroup typically offers 2 weeks of base pay per full 12 months of service, capped at 52 weeks (1 year). The 10+ year tenure supplement was eliminated in December 2008; even 30-year veterans cap at 52 weeks.. Use our severance calculator to see how your offer compares to finance & banking industry norms and check the benchmark data to see what other Citigroup employees have received.
- Understand your negotiating leverage. Citigroup's packages are in line with industry norms, but negotiation can often improve the terms by 30-50%, especially on benefits, non-compete restrictions, and timeline. Try our AI negotiation coach for personalized strategies.
- File for unemployment in New York. Apply as soon as possible, even if you received severance. In New York, severance may or may not delay your unemployment benefits depending on how it is structured.
- Consult an employment lawyer. An attorney experienced with finance & banking severance packages can review your Citigroup agreement, identify additional leverage (potential discrimination, WARN Act violations, or breach of contract claims), and negotiate better terms. Consider consulting a licensed employment attorney in New York.
Reviewing Your Citigroup Severance Agreement
Before signing your Citigroup separation agreement, check these critical areas:
Release of Claims
Understand exactly which legal claims you're waiving against Citigroup. This is the most consequential clause.
Non-Compete Clause
Check if your agreement restricts where you can work. Negotiate to narrow the scope and duration.
Equity & RSUs
Review how your unvested Citigroup stock is treated. Negotiate for accelerated vesting or cash equivalent.
COBRA & Benefits
Ensure health coverage continuation is included. Ask for employer-paid COBRA for at least 3-6 months.
Non-Disparagement
This should be mutual; Citigroup should also agree not to disparage you. One-sided clauses are a red flag.
Signing Deadline
Know your timeline. Workers 40+ get at least 21 days (45 for group layoffs) plus 7 days to revoke after signing.
Helpful Resources
Free Tools
- AI Severance Agreement Analyzer: Spot red flags in your agreement
- Negotiation Coach: AI-powered negotiation guidance
- Package Comparator: Compare offers side by side
- Severance Benchmark Data: See what others received
- New York WARN Act Tracker: Recent layoff filings
- Severance Tax Calculator: Detailed tax breakdown
- Average Severance Package Data: Industry benchmarks
- Consider a licensed New York employment attorney
Guides & Articles
- How to Negotiate Your Severance Package
- Is Severance Pay Taxable? Complete Guide
- WARN Act: Your Mass Layoff Rights
- Severance negotiation: consider a licensed employment attorney
- Severance Pay in New York: State laws, taxes & calculator
📋 Free Severance Negotiation Checklist
A practical checklist covering review questions, negotiation prep, and deadline reminders.