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Citigroup to cut 20,000 jobs amid restructuring, posts $1.8 billion
![IndiaTimes]()
Saturday, 13 January 2024
Citigroup announces restructuring plan under CEO Jane Fraser to save $2.5 billion. Q4 performance disappoints with revenue drop; Fraser aims to reduce bureaucratic layers. Citigroup plans to boost return on equity, reduce headcount, and spin off Mexican consumer unit for long-term growth. Despite a $1.8 billion loss in the fourth quarter, analysts see resilience in Citigroup's underlying business. The loss included significant one-time charges related to the restructuring and other factors. Citigroup's sweeping job cuts and restructuring reflect a decisive shift towards streamlined operations and improved profitability.
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Saturday, 13 January 2024
