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Citigroup to cut 20,000 jobs after steep quarterly loss

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Citigroup cuts 20,000 jobs

Citigroup will cut 20,000 jobs by the end of 2026 after enduring a steep loss in the last quarter as it presses ahead with a sweeping restructuring.

While chief executive, Jane Fraser, hailed 2024 as a “turning point” for the American banking group, Mark Mason, its chief financial officer, acknowledged that job cuts were “tough on morale” as he outlined the planned reductions.

Citi currently has 239,000 staff across the world. The lender plans to reduce this by 20,000 as part of a reorganisation, Mason said.

Executives ultimately expect the workforce to shrink 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.

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