- 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
Popular Categories
