Citigroup to Cut 20,000 Jobs Following $1.8 Billion Loss

Further 40,000 job cuts expected with Banamex spinoff, as JPMorgan reports record profit.

Citigroup plans to cut 20,000 jobs over the next two years following a $1.8 billion loss in the fourth quarter, the worst in 15 years.
The bank also plans to cut a further 40,000 jobs when it spins off and lists its Mexican consumer unit Banamex in an initial public offering next year.
Citigroup's revenue in the fourth quarter fell 3%, to $17.4 billion, from a year earlier.
Despite the losses, Citigroup's banking revenue climbed 22%, to $949 million, led by higher investment banking fees that offset a slide in corporate lending.
Meanwhile, JPMorgan Chase reported a record annual profit of $49.6 billion, the highest in American banking history, despite a 15% drop in the fourth quarter.