Citigroup to Cut 20,000 Jobs Over Two Years

Published on January 15, 2024

Citigroup on Friday said it would slash 20,000 jobs, or 10 percent of its workforce, by the end of 2026 following its worst quarterly financial results in more than a decade. Citi reported $1.8 billion net loss in the fourth quarter of 2023, according to its latest financial filings. The bank expects the layoff to save as much as $2.5 billion over the long term. The reductions are part of a reorganization effort announced last year to cut bureaucracy, increase profits, and improve the company’s stock price. “While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023,” Citigroup CEO Jane Fraser said Friday in a statement....

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