Citigroup slashes 20k jobs in two years after Q4 downturn

TLDR: Citigroup plans to cut 20,000 jobs over the next two years in an effort to streamline operations after disappointing Q4 2023 results. The job cuts will make up approximately 10% of the bank’s workforce and are expected to result in $2 billion in savings. However, the restructuring is projected to cost around $1.8 billion by the time it is completed in 2026. CEO Jane Fraser stated that 2024 will be a critical year for the bank as it continues to simplify its business and allocate capital more effectively. Citigroup has already divested from several consumer franchises, retreated from certain markets, and restructured its core businesses in recent cost-cutting efforts.