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Financial servicesLatest NewsJob creation and losses

Citigroup to shed 20,000 jobs in next two years

by Jo Faragher 15 Jan 2024
by Jo Faragher 15 Jan 2024 Citigroup suffered a dramatic loss of $1.8 billion in the fourth quarter of 2023
Shutterstock/Quality Stock Arts
Citigroup suffered a dramatic loss of $1.8 billion in the fourth quarter of 2023
Shutterstock/Quality Stock Arts

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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Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

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