Financial services giant Citigroup will cut around 10% of its global workforce as it aims to streamline operations.
The headcount reduction would mean the loss of around 20,000 jobs by the end of 2026. The company currently has 239,000 staff across the world.
The cuts were announced as Citigroup posted steep annual losses of $1.8 billion in the fourth quarter of 2023.
Chief executive Jane Fraser said 2024 would be a “turning point” for the company, but chief financial officer Mark Mason acknowledged that the restructure would be “tough on morale”.
“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 Fraser.
The group employs more than 16,000 people in the UK, but it is as yet unclear how many of the job losses would be in the UK offices.
Mason said the expectation was to employ around 180,000 people by 2025-2026.
Citi said the significant loss in the fourth quarter of 2023 had been driven by one-off factors such as the devaluation of the Argentine peso and fees levied on US banks.
Last week Barclays also announced it would cut around 5,000 jobs from its global workforce, mainly within its support function, Barclays Execution Services.
A number of other banks including Lloyds Banking Group, Metro Bank and Nationwide are also reported to be considering redundancies.
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