Citigroup to cut 20,000 US employees
1/12/2024, 10:31 a.m.
The Citi building in Canary Wharf on November 4, 2023.
Mandatory Credit: John Keeble/Getty Images
Originally Published: 12 JAN 24 11:02 ET
Updated: 12 JAN 24 11:18 ET
By Nicole Goodkind, CNN
New York (CNN) — Citigroup will lay off 20,000 employees over the next two years, CFO Mark Mason said Friday. The reduction comes after the company reported a $1.8 billion net loss for the fourth quarter of 2023, its worst quarter in 15 years.
The bank also said it plans to shed an additional 40,000 employees from its Mexican retail unit through an IPO, bringing the total headcount for the company to around 180,000 from 240,000.
This story is developing and will be updated.
The-CNN-Wire
