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Reading: Citi Announces 20,000 Job Cuts Following $1.8 Billion Quarterly Loss
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PhotoNews Pakistan > Top News > Citi Announces 20,000 Job Cuts Following $1.8 Billion Quarterly Loss
Top NewsWorld

Citi Announces 20,000 Job Cuts Following $1.8 Billion Quarterly Loss

Web Desk
By Web Desk Published January 13, 2024 3 Min Read
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Citi's Logo. Photo: CNET
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Citi, a global banking giant, announced a major workforce reduction plan on Friday following a reported loss of $1.8 billion in the fourth quarter. The bank plans to cut 20,000 jobs over the next two years as part of a major reorganization strategy.

Currently employing 239,000 individuals worldwide, Citi aims to streamline its workforce to 180,000 employees. This reduction includes layoffs from the bank’s extensive reorganization process, as Chief Financial Officer Mark Mason explained. Additionally, the bank anticipates excluding 40,000 jobs after its Mexican consumer unit Banamex’s spin-off and listing in an initial public offering.

Despite these significant staff reductions, the bank’s shares experienced a brief surge in the stock market. CEO Jane Fraser described 2024 as a pivotal “turning point year” for Citi. Market analysts noted that, aside from one-off charges, the bank’s performance demonstrated underlying strength.

Financial Performance and Future Outlook

Citi’s $1.8 billion loss was largely influenced by $3.8 billion in charges, as disclosed in a recent filing. These charges encompass reorganization expenses, reserve build-ups due to currency devaluations and instability in Argentina and Russia, and a substantial payment to replenish the FDIC deposit insurance fund. The bank also anticipates incurring charges of between $700 million and $1 billion this year, primarily associated with severance costs and ongoing reorganization.

Despite the challenging environment and anticipated morale impact of the staffing reductions, Mason assured that these changes would not hinder the bank’s revenue growth. Under Fraser’s leadership, Citi has embarked on a multi-year initiative to reduce bureaucracy, enhance profitability, and improve stock performance.

In comparison, Citi’s rivals, JPMorgan Chase and Bank of America reported lower quarterly profits, while Wells Fargo achieved better results through cost reductions.

For the first time, Citi has reported earnings for its five distinct business segments: services, markets, banking, U.S. personal banking, and wealth. While market revenue experienced a 19% decline, primarily due to a 25% drop in fixed-income revenue, banking revenue saw a 22% increase, driven by higher investment banking fees. The U.S. personal banking sector reported a 12% revenue increase, buoyed by retail banking and credit cards.

However, there are emerging signs of consumer financial strain. Citi has set aside increased reserves for potential losses on credit cards, mortgages, and business loans, preparing for the possibility of clients defaulting on payments.

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