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Citigroup Will Shed 20,000 Positions by 2026 Following a $1.8 Billion a Shortfall 1/17/24

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2026 job cuts by Citigroup following a $1.8 billion loss
Over the next two years, Citigroup anticipates cutting 20,000 positions, or roughly 10% of its staff, the bank, with its headquarters in New York, stated on Friday.

The third-largest bank in the country made the announcement after a “very disappointing” fourth quarter, according to CEO Jane Fraser in a press release. According to the Financial Times, the company’s worst quarterly financial results since 2009 came in the last three months of 2023, when it posted a $1.8 billion deficit.

In 2022, the bank declared $2.5 billion in net income at the same time.

Nearly $4 billion in expenses this year, including revenue effects from the Argentine peso’s depreciation and costs associated with the bank’s “organizational simplification,” were the main cause of this year’s deficit.

Citigroup is currently working to streamline operations in an effort to raise stock prices and boost earnings, which includes the layoffs. According to Bloomberg, the business declared in November that it would be eliminating over 300 senior manager positions.

Later this month, more job layoffs are anticipated, a source with knowledge of the situation told CNBC.

With the layoffs scheduled to end by 2026, Citigroup may save as much as $2.5 billion annually. The announcement of the layoffs was made on Friday.

Fraser stated that 2024 will be a “turning point” year for the business, adding, “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.”

“We continue to be optimistic about our capacity to adjust to changing macro and capital environments in order to meet our medium-term goals, give back capital to our investors, and make the investments required for our transformation,” the spokesperson continued.

Although “these types of reductions” might be “tough on a company’s morale,” CFO Mark Mason pointed out that the bank has been transparent about its restructuring plan.

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