Citigroup will lay off 20 thousand employees – Kommersant
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The American financial corporation Citigroup intends to lay off 20 thousand employees over the next two years. The corporation’s financial director, Mark Mason, told reporters this, the agency reports. Reuters. The cuts will take place as part of a large-scale restructuring, which was announced announced in September 2023 and which will allow the corporation to reduce costs by $2–2.5 billion.
Currently, Citigroup employs about 200 thousand employees worldwide. The announcement of the cuts was preceded by the publication of the quarterly reporting, which became the weakest in the last 15 years, and weak annual reporting. Citigroup’s losses in the last quarter amounted to $1.8 billion, which was caused by a write-off of $3.8 billion due to a number of factors, including restructuring, the winding down of its business in Russia, and the devaluation of the Argentine peso. Profit in the quarter fell more than 20% year-on-year to $1.5 billion. Quarterly revenue fell 3% to $17.4 billion. Annual profit fell 38% to $9.2 billion; Revenue grew 4% to $78.4 billion.
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