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Citigroup will lay off 20,000 employees over the next two years, CFO Mark Mason said Friday. The reduction comes after the company reported a $1.8 billion net loss for the fourth quarter of 2023, its worst quarter in 15 years.
(CTN News) - Citigroup said it would cut 20,000 jobs, or about 10 percent of its workforce, after reporting its most disappointing quarter ever............
JPMorgan gained 0.9% and Citi fell 1.2%, while Bank of America fell 2.4% and Wells Fargo was down 2.3%. The banks combined set aside more than $8 billion to refill the Federal Deposit Insurance Corporation's deposit insurance fund (DIF), which took a $16 billion hit after Silicon Valley Bank and two other lenders failed last year.
Citigroup also cut 20,000 employees in one of the biggest rounds of job cuts over the past 12 months.
Jane Fraser in September started the biggest restructuring of Citigroup in decades as she seeks to improve the bank’s returns.