Citi to cut 20,000 jobs amid $1.8 billion quarterly loss
The global lender has 239,000 employees on its rolls worldwide
By News Desk
Published - Jan 12, 2024, 12:51 PM ET
Last Updated - Jan 12, 2024, 12:51 PM EST
Citigroup (C) will cut 20, 000 jobs over the next two years, the bank said on Friday after it reported a $1.8 billion loss for the fourth quarter.
The lender with 239,000 employees worldwide will enforce the cut in a sweeping reorganization, Chief Financial Officer Mark Mason told reporters.
A Reuters report said that Citi also expects to reduce another 40,000 jobs when it spins off and lists its Mexican consumer unit Banamex in an initial public offering (IPO).
The role cuts are expected to reduce the bank’s headcount to 180,000 employees, Mason said.
