Citigroup plans to slash 20,000 jobs over next two years due to ‘disappointing’ Q4 results
Discord announces workforce reduction of 17%, will layoff 170 employees During the last week of January, Citi is likely to announce more organisational changes. "Efforts to simplify its structure will be largely completed this quarter, saving $1 billion and eliminating about 5,000 mostly managerial roles," CEO Jane Fraser said. The job cuts could cost as much as $1.8 billion, Citigroup said but will save $2.5 billion a year by 2026.
The multinational bank reported a $1.8 billion loss in the fourth quarter of 2023 (October-December), driven by $3.8 billion in charges disclosed in a filing that included reorganisation expenses, a reserve related to currency devaluations and instability in Argentina and Russia and a $1.7 billion payment to replenish a government deposit insurance fund. Google cuts jobs in Google Assistant software, Devices and Services team "The fourth quarter was very clearly disappointing," CEO added, "We know that 2024 is critical". Citi's revenue fell 3% to $17.4 billion in the quarter from a year earlier.
It was the first time the bank broke out earnings for its five businesses -- services, markets, banking, US personal banking, and wealth, which were previously housed under broader divisions. CFO Mason said that the staffing cuts will not affect the revenue growth of the lender. US job data: Economy cranks out employment at brisk clip in December; wages rise Revenue from markets, or the trading division, dropped 19% to $3.4 billion from a year earlier.
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