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Citigroup will cut 20,000 jobs over the next two years, the bank said on Friday, after reporting a $1.8 billion quarterly loss driven by a string of one-off charges. "The fourth quarter was very ...
The disclosure came on a day when Citigroup reported a net loss of $1.8 billion in the fourth quarter resulting from an FDIC assessment of $1.7 billion and other charges and reserves it previously ...
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 ...
Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank , and Travelers ; Travelers was spun off from the company in 2002.
In January 2024, Citi reported a $1.8 billion loss in the fourth quarter of 2023 and announced plans to cut 20,000 jobs, roughly 8% of its workforce. [85] At the bank's 2024 investor day, Citi highlighted its Services division, which produces income from "financial pipes". [86]
Citigroup had losses from subprime debt markets, as part of the 2007–2008 financial crisis.Before the crash, former CEO Chuck Prince said 'as long as the music is still playing you have to get up and dance'.
Citigroup is in the middle of a complicated restructuring.It made it clear Wednesday that its fourth quarter earnings report Friday will be complicated, too. The giant New York-based bank said in ...
Due to the bankruptcy of Terra Securities, Citigroup announced, on 30 November 2007, ... to hold Citigroup responsible for the losses. [14] ...