Citigroup to cut 20,000 employees

Citigroup is set to undergo a significant workforce reduction, with CFO Mark Mason announcing on Friday that 20,000 employees will be laid off over the next two years.

This decision follows the company’s report of a $1.8 billion net loss for the fourth quarter of 2023, marking its worst quarter in 15 years.

The bank anticipates that the reduction in headcount will result in long-term savings of $2.5 billion.

For the fourth quarter, Citigroup reported an earnings loss of $1.16 per share, significantly below the estimated loss of 11 cents per share, as per FactSet, CNN reported.

READ MORE: https://www.cnn.com/2024/01/12/investing/citigroup-layoffs-earnings/index.html

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