WFC - Citigroup To Cut 20000 Jobs In Major Strategic Overhaul Cites 'Disappointing' Q4 | Benzinga
Citigroup Inc. (NYSE: C) has unveiled plans to slash 20,000 jobs.
The decision, spearheaded by CEO Jane Fraser, aims to bolster the financial giant's performance, which has been underwhelming recently.
The bank anticipates the cuts will lead to substantial savings, potentially reaching $2.5 billion. As part of this overhaul, Citigroup has projected a decrease in overall expenses, aiming for $51 billion to $53 billion by 2026.
However, the bank is bracing for up to $1 billion in costs this year, primarily due to severance and restructuring expenses, reported Bloomberg.
The restructuring announcement follows a challenging quarter for Citigroup, particularly in its fixed-income trading sector. The bank's revenue in this area plummeted by 25% to $2.6 billion, largely due to a decline in client activity towards the end of the year.
"The fourth quarter was very disappointing," Fraser said. "Given how far we are down the ...