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Citigroup (NYSE:C) shares were feeling around for the bruises Friday after the banking behemoth posted a $1.8-billion fourth-quarter loss after booking several large charges tied to overseas risks, last year’s regional banking crisis and CEO Jane Fraser’s ...
-Citigroup will cut 20,000 jobs over the next two years, its Chief Financial Officer Mark Mason said on Friday, after the bank reported a $1.8 billion loss for the fourth quarter. The lender, which currently has 239,000 employees worldwide, will reduce that headcount by 20,000 as part of a sweeping reorganization, Mason told reporters. Citi also expects to shed a further 40,000 jobs when it lists its Mexican consumer unit Banamex in an initial public offering.
Citigroup plans to cut 20,000 jobs over the next couple of years as part of a corporate reorganization designed to boost profits and return cash to shareholders, the US bank said Friday
Citigroup's Q4 loss of $1.8bn driven by one-off charges; underlying business shows resilience
Jane Fraser in September started the biggest restructuring of Citigroup in decades as she seeks to improve the bank’s returns.