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Citigroup Announces Ambitious Workforce Reduction of 20,000 Jobs Amidst $1.8 Billion Fourth Quarter Loss

New York, January 12, 2024, The Europe Today: Citigroup announced plans to reduce its workforce by 20,000 over the next two years, following a reported $1.8 billion loss for the fourth quarter. Chief Financial Officer Mark Mason revealed this significant downsizing, targeting a headcount reduction from the current 239,000 employees worldwide as part of an extensive reorganization effort.

Additionally, Citi anticipates shedding an additional 40,000 jobs through the initial public offering of its Mexican consumer unit Banamex. The ultimate goal is to achieve a staffing level of 180,000 employees. While acknowledging the impact on morale, Mason emphasized that these job cuts will not impede revenue growth, and the restructuring initiatives are slated for completion by the end of the first quarter.

Despite the reported loss, Citi’s CEO Jane Fraser expressed optimism, describing 2024 as a “turning point year” for the bank. The market responded positively, with shares up 3.3% in morning trading on Friday.