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
Don't Miss
2/20/24:JPMorgan Says Its “Trading Venues” Are Under Investigation While It’s Still on Probation for Prior Trading Crimes
By Pam Martens and Russ Martens: Jamie Dimon Sits in Front of Trading Monitor in his Office (Source: 60 Minutes Interview, November 10, 2019) Last Friday, ahead…
Read More
2/19/24: Jamie Dimon Is Desperate to Pin the Jeffrey Epstein Scandal on Jes Staley; Bloomberg News Is Carrying His Water — Again
By Pam Martens and Russ Martens: February 16, 2024 ~ Jeffrey Epstein (left); Jamie Dimon (right). After hurling salacious allegations for months against Jes Staley in a…
Read More
2/16/24: Banks Are Being Rocked Again as Real Estate Losses Mount
By Anna Cooban, CNN 4 minute read London CNN — Nearly a year on from a banking crisis that led to the collapse of three…
Read More
2/15/24: Citigroup Is Having a Very Bad Week; Regulators Are Breathing Down Its Neck
By Pam Martens and Russ Martens: Sanford (Sandy) Weill, the Man Who Walked Away from Citigroup a Billionaire Before Its Collapse At the exact moment that the…
Read More
2/14/24: Five Wall Street Banks Hold $223 Trillion in Derivatives — 83 Percent of All Derivatives at 4,600 Banks
By Pam Martens and Russ Martens: February 13, 2024 ~ According to the Financial Crisis Inquiry Commission (FCIC), derivatives played a major role in the financial crash…
Read More