Citigroup Layoffs: Citigroup will lay off 20,000 employees in the next two years. The bank has taken this decision after reporting a loss of $1.8 billion in the fourth quarter. Chief Financial Officer Mark Mason said the company currently has 2,39,000 employees worldwide.
Citigroup Layoffs
Citigroup will lay off 20,000 employees over the next two years. The bank has taken this decision after reporting a loss of $1.8 billion in the fourth quarter. Chief Financial Officer Mark Mason said the company currently has 2,39,000 employees worldwide.
Citigroup has begun restructuring its business since the arrival of new Chief Executive Officer (CEO) Jane Fresher. The company aims to reduce costs and increase returns to shareholders.
The bank’s CEO Jane Fresher said, “2023 did not go as expected and 2024 is a very important year for us. Over the next two years, the bank will undergo a major restructuring, through which total savings of $2.5 billion are planned.
Citigroup said in a statement on Friday, January 12 that their total spending in 2024 could be between $53.5 billion and $53.8 billion.
In announcing its results for the October-December quarter, Citigroup had said it had posted a loss of $1.8 billion for the period, the bank’s worst result in 14 years. The bank’s revenue has declined by 3 percent compared to the same quarter last year.
The company cut a total of 7,000 jobs last year
Over the past year, IT companies around the world have laid off people in large numbers. Amazon, Microsoft, Twitter, Meta and Google have all laid off thousands of people.
Banking sector company Citigroup also laid off people in several departments. The company has cut a total of 7,000 jobs over the past year.
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