- Citigroup Job Cuts: Citigroup plans to cut around 20,000 jobs by 2026.
- Q4 2023 Performance: In the fourth quarter of 2023, Citigroup reported a $1.8 billion net loss on revenues of $17.4 billion.
- Cost-Saving Measures: The job cuts, about 10% of the workforce, aim to generate $2 billion in run rate savings, but the restructuring may cost around $1.8 billion by 2026.
- Global Impact: Factors contributing to the loss include reorganization costs, retreat from Russia, and a nearly $900 million negative impact due to the devaluation of the Argentine peso.
- Business Simplification: Citigroup plans to simplify its operations by divesting consumer franchises, retreating from certain regions, and restructuring core businesses for transparency.
- Critical Year Ahead: Citigroup CEO Jane Fraser emphasizes that 2024 is critical as the company implements simplifications and allocates capital rigorously.
- Harmonization Efforts: The restructuring, led by Fraser, aims to harmonize key areas of Citigroup’s business for improved performance and transparency.
Citigroup to cut 20,000 jobs over two years after Q4 downturn
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