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
Second Bank Run In Two Weeks As China’s Banks Are Caught In A Self-Destructive “Doom Loop”
Three weeks ago we reported that China’s Henan Yichuan Rural Commercial Bank, just outside the central Chinese city of Luoyang, was the latest small-to-medium Chinese…
Its BS, Fracking Blows Up Investors Again: Phase 2 Of The Great American Shale Oil & Gas Bust
In 2019 through the third quarter, 32 oil and gas drillers have filed for bankruptcy, according to Haynes and Boone. Since the end of September, a…
Impeachment Theater Offers Americans Glimpse Of The Unseen-Unelected Who Actually Rule Over Us
American voters have been introduced to the idea that the elected President of the United States can be accused of “undermining” foreign policy determined by…
Goldman Banker On Trial Had $24,000 Hidden In His Sunglasses Case
The very good criminal has their secret stash of cash that they are either hiding from the government or using for illicit “working capital” purposes. Usually,…
The Beast Is Almost Complete, Deutsche Bank to Replace 18,000 Workers with Robots
Deutsche Bank plans 18,000 job cuts in robot strategy called “Operations 4.0”. Operations 4.0 Underway Deutsche Bank says Operations 4.0 is already underway. The plan…
