2026 begins with big layoffs: Meta, Citigroup, BlackRock reduce staff
Meta, Citigroup and BlackRock have announced major layoffs this month, cutting hundreds to thousands of jobs as companies restructure in 2026
 "2026 begins with big layoffs: Meta, Citigroup, BlackRock reduce staff")
Several major companies have announced large-scale job cuts, showing that the trend of layoffs seen in 2025 has continued into 2026. Industry giants including Meta, Citigroup, and BlackRock are reducing staff across multiple roles as they restructure and shift priorities.
The most recent announcement came from BlackRock, which plans to cut hundreds of jobs worldwide. Here’s a closer look at the major layoffs so far this year.
Meta to slash reality labs jobs
Meta is preparing to cut about 10 per cent of employees in its Reality Labs division, which focuses on the metaverse and virtual reality products, The New York Times reported.
The division has roughly 15,000 employees, and the cuts could disproportionately affect staff working on VR headsets and a VR-based social network.
The layoffs could be announced later this week. Meta’s total workforce stands at 78,000, making this a fraction of its overall headcount. The reduction could impact more than 10 per cent of Reality Labs staff.
Andrew Bosworth, Meta’s chief technology officer overseeing Reality Labs, has called an in-person meeting for Wednesday, describing it as the “most important” of the year, according to a memo obtained by The New York Times.
Mark Zuckerberg, Meta’s CEO, instructed top executives last year to reduce their 2026 budgets while increasing investment in artificial intelligence. Meta faces growing competition from companies like OpenAI and Google, prompting additional funding for its skunk works unit, TBD Lab, which is developing a superintelligent AI system.
Citigroup to cut 1,000 jobs
Citigroup plans to reduce its workforce by 1,000 jobs this week as part of a restructuring plan first announced in 2023, Bloomberg reported. The bank aims to eliminate a total of 20,000 jobs by the end of 2026.
“We will continue to reduce our headcount in 2026,” Citigroup told Bloomberg. “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.”
In September 2023, Citibank launched a major reorganisation, cutting management layers and elevating leaders of its five main business divisions. CEO Jane Fraser, who took over in 2021, said at the time, “I am determined that our bank will deliver to our full potential, and we’re making bold decisions to meet our commitments to all our stakeholders.”
Blackrock cuts hundreds of jobs
BlackRock Inc. is the latest Wall Street firm to reduce its workforce, cutting roughly 1 per cent of global staff -- about 250 employees -- including members of its investment and sales teams, Bloomberg reported.
The job reductions come as CEO Larry Fink continues to transform the world’s largest asset manager and expand its focus on alternative investments. Following its $12 billion acquisition of private credit specialist HPS Investment Partners in July, BlackRock has been integrating new executives and preparing a new range of funds for wealthy retail clients.
BlackRock carried out two rounds of job cuts last year, trimming about 1 per cent of its workforce each time. The firm had roughly 24,600 employees and managed $13.5 trillion in assets as of September 2025.