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

Featured Story

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.


Treat your skin well. Our soaps are gentle and produce a smooth, creamy lather that is nourishing to your skin. They are handmade in small batches. We use only high-quality natural ingredients. No chemicals, no sodium laurel sulfate, no phthalates, no parabens, no detergents. GraniteRidgeSoapworks

Loading

Don't Miss

Jeffrey Epstein Documents Could Expose Powerful Politicians, Businessmen

By StevieRay Hansen

Greed is a strong and selfish desire to have more of something, most often money or power. There are many warnings in the Bible about…

Loading

Read More

From Russia-Gate To Deep-State-Gate: “All Hell May Break Loose”

By StevieRay Hansen

When men know the truth and refuse to receive it, when they refuse to obey it and hold it in unrighteousness, “they will be condemned…

Loading

Read More

“It’s Going To Be Carnage” – Deutsche Begins Culling 18,000 Employees

By StevieRay Hansen

Greed is a strong and selfish desire to have more of something, most often money or power. There are many warnings in the Bible about…

Loading

Read More

Could JPMorgan Chase Be Hit with a Fourth Felony Count for Rigging Precious Metals Markets?

By StevieRay Hansen

Banks are in a state of “Greed and Corruption” a state of decay, pollution, or incorrectness. Corruption is one of the effects of sin that…

Loading

Read More

You Are Paying for Banks’ Crimes

By StevieRay Hansen

The Top Three Banks: Jp Morgan, Bank of America, and Wells Fargo. All Told, During the First Quarter of This Year, the Moneylenders Racked up…

Loading

Read More
Posted in

StevieRay Hansen

In his riveting memoir, "A Long Journey Home", StevieRay Hansen will lead you through his incredible journey from homeless kid to multimillionaire oilman willing to give a helping hand to other throwaway kids. Available on Amazon.

Leave a Comment