Current:Home > ScamsCitigroup to cut 20,000 jobs by 2026 following latest financial losses-DB Wealth Institute B2 Reviews & Ratings
Citigroup to cut 20,000 jobs by 2026 following latest financial losses
lotradecoin feedback View Date:2024-12-25 16:11:15
Citigroup is planning to lay off 20,000 employees, or about 10% of its workforce, in the next two years as it comes off its worst quarterly financial results in more than a decade.
The embattled bank on Friday reported $1.8 billion in losses in the fourth quarter of 2023, while revenue fell 3% to $17.4 billion from last year, according to its latest financial filings. The layoffs could save the bank as much as $2.5 billion, Citigroup's presentation to investors shows.
"While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023," Citigroup CEO Jane Fraser said Friday in a statement.
Citi's layoffs will bring its headcount to 180,000 by 2026, a Citigroup representative told CBS MoneyWatch. The cuts follow a smaller round of job reductions that eliminated roughly 10% of senior manager roles at the bank late last year, Bloomberg reported.
Citi's workforce reductions form part of a larger reorganization effort aimed at improving the bank's financials and stock price. The restructuring is expected to reduce Citi's expenses as low as $51 billion, bringing the bank closer to its profit goals, Reuters reported.
Citibank's organizational overhaul comes as financial institutions are attempting to recover from a turbulent year that included a decline in their stock prices. According to Forbes, the 15 largest banks in the U.S. lost more than $46 million in value in a single day last August.
- In:
- Silicon Valley Bank
- Citi
- Federal Deposit Insurance Corporation
Elizabeth Napolitano is a freelance reporter at CBS MoneyWatch, where she covers business and technology news. She also writes for CoinDesk. Before joining CBS, she interned at NBC News' BizTech Unit and worked on The Associated Press' web scraping team.
veryGood! (9)
Related
- US unemployment claims fall 7,000 to 227,000 in sign of resiliency in job market
- Arizona toddler crawls through doggie door before drowning in backyard pool, police say
- Top US and Chinese diplomats agree to build on recent progress in ties
- Here are the 25 most-viewed articles on Wikipedia in 2023
- Ranking MLB jersey advertisements: Whose patch is least offensive?
- Oregon power company to pay nearly $300 million to settle latest lawsuit over 2020 wildfires
- Biden’s campaign will not commit yet to participating in general election debates in 2024
- Siberian tiger attacks dog, then kills pet's owner who followed its tracks, Russian officials say
- Justice Department defends Boeing plea deal against criticism by 737 Max crash victims’ families
- 'DWTS' crowns Xochitl Gomez, Val Chmerkovskiy winners of the Len Goodman Mirrorball trophy
Ranking
- Wally Amos, 88, of cookie fame, died at home in Hawaii. He lost Famous Amos but found other success
- Why Zooey Deschanel and Jonathan Scott Don't Have a Wedding Date Yet
- A new Dutch parliament has been sworn in after Wilders’ victory in the national election 2 weeks ago
- Brock Lesnar's daughter breaks school record in shot put for Colorado State
- Don't be fooled by the name and packaging: Fruit snacks are rarely good for you. Here's why.
- A young nurse suffered cardiac arrest while training on the condition. Fellow nurses saved her life
- Sheryl Lee Ralph Sets the Record Straight on Rumors She Doesn't Live With Husband Vincent Hughes
- Watch 'mastermind' deer lead police on chase through Sam's Club in Southern California
Recommendation
-
Wisconsin’s Evers urges federal judge not to make changes at youth prison in wake of counselor death
-
Give delivery drivers the gift of free pizza with new Pizza Hut reverse delivery doormat
-
Ex-Florida State president: FSU needs to leave ACC; playoff committee caved to pressure
-
48 Haitian migrants have been detained on an uninhabited island west of Puerto Rico
-
American Supercar: A first look at the 1,064-HP 2025 Chevrolet Corvette ZR1
-
‘A master of storytelling’ — Reaction to the death of pioneering TV figure Norman Lear
-
Metal detectorist finds very rare ancient gold coin in Norway — over 1,600 miles away from its origin
-
Slow down! As deaths and injuries mount, new calls for technology to reduce speeding