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Citigroup Will Cut 20,000 Jobs Over The Medium Term

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Citigroup Will Cut 20,000 Jobs Over The Medium Term

(CTN News) – Citigroup announced Friday that it plans to slash 20,000 jobs over the next couple of years to boost profits.

In connection with the lender’s fourth-quarter results, which showed a large loss, a presentation detailing the downsizing was released. In 2026, Citigroup’s headcount will be about 180,000, down from 240,000 at 2022. This will consider Banamex’s expected spinoff from Citi.

Jane Fraser, CEO of Citigroup, announced a five-line restructuring.

Furthermore, the bank has significantly reduced its global consumer banking footprint by divesting assets in markets such as China, Vietnam, and others.

Fraser said, “We announced last month significant changes to our organizational structure that align with our strategy.

We will be able to operate faster, serve our clients better, and unlock shareholder value when the new structure is complete.”

In the fourth quarter of 2022, Citigroup recorded profits of $2.5 billion compared to a loss of $1.9 billion in the fourth quarter of 2022. In terms of revenue, $17.4 billion was down three percent.

Several cost items impacted the results, including $780 million for severance and other reorganization-related expenses.

According to Citigroup Chief Financial Officer Mark Mason, the charge for the fourth quarter corresponds to 7,000 job cuts over the next year.

After Silicon Valley Bank and Signature Bank failed, a $1.7 billion special assessment was required to replenish the Federal Deposit Insurance Corporation (FDIC) emergency fund.

As a result of the devaluation of the Argentine peso, Citigroup booked reserves of $880 million as well as $1.3 billion associated with Argentina and Russia.

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