Citigroup To Cut 20,000 Jobs

(RTTNews) - Citigroup (C) Friday announced it plans to cut 10% of its workforce to improve its results.

About 20,000 employees will be let go over the "medium term," the company revealed in a slideshow related to fourth-quarter earnings. The bank didn't reveal how long the "medium term" is.

Citigroup had roughly 200,000 workers at the end of 2023, excluding Mexican operations that are in the process of being spun out, according to the presentation.

The company expects the workforce to reduce to about 180,000 employees, as the upcoming listing of Banamex, Citi's Mexican consumer division, is also set to reduce staffing levels by about 40,000.

Meanwhile, Citigroup reported a net loss of $2.14 billion or $1.16 per share for the fourth quarter, compared to net income of $2.18 billion or $1.16 per share in the prior-year quarter.

Adjusted adjusted earnings for the quarter were $0.84 per share. Analysts expected earnings of $0.79 per share.

Total revenues, net of interest expense, for the quarter decreased 3 percent to $17.44 billion from $18.01 billion in the prior-year quarter. Wall Street expected revenues of $18.75 billion for the quarter.

"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," said CEO Jane Fraser.