This company will layoff 10 percent of its workforce i.e. about 20 thousand employees in the next two years as part of a major corporate change.
Global banking major Citigroup will layoff 10 percent of its workforce i.e. about 20 thousand employees in the next two years as part of a major corporate change. Citigroup, after presenting its fourth-quarter earnings and expenses late Friday night, said that approximately 20,000 employees would be laid off in the “medium term.”
Citigroup CEO Jane Fraser described 2024 as a “turning point” for the US banking group. Excluding Mexican operations, Citigroup had approximately two million employees at the end of 2023. The bank lost $1.8 billion in the fourth quarter due to restructuring, closure of business in Russia and losses in Argentina totaling $3.8 billion.
“While the fourth quarter was very disappointing due to the impact of notable items, we have made significant progress in simplifying Citi and executing on our strategy for 2023,” Fraser said. Fraser had announced sweeping changes at the third-largest US bank by assets in September last year.
This year, Citigroup is expected to incur more than a billion dollars in severance and restructuring costs. “Given how far behind we are in our simplification and divestment, 2024 will be a turning point,” the Citigroup CEO said. According to reports, the company has made several layoffs in the past, starting from the top level of the bank. Another round of layoffs has been scheduled for January 22.
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