Citigroup to Cut 20,000 Jobs Amid Restructuring

The move follows a $1.8 billion loss in the fourth quarter of 2023, with the bank's reorganization expected to cost up to $1 billion in 2024.

Citigroup plans to cut 20,000 jobs over the next two years, amounting to about 10% of its global staff, as part of a restructuring plan.
The restructuring, led by CEO Jane Fraser, aims to eliminate bureaucracy within the bank and reduce the bank's size.
Citigroup reported a net loss of $1.8 billion in the fourth quarter of 2023, the biggest quarterly loss in years.
The bank's reorganization is expected to cost as much as $1 billion in 2024, but is projected to save $2.5 billion over the medium term.
Despite the losses, Fraser remains confident in the bank's ability to reach its medium-term targets and return capital to shareholders.