Citigroup plans to cut 20,000 net jobs in the medium term worldwide, the US bank said Friday, as it undergoes a major restructuring, particularly internationally.
In mid-September, CEO Jane Fraser revealed that this transformation would be accompanied by a major reorganization of the hierarchical structure, the largest for the bank “in nearly twenty years.”
During a conference call, CFO Mark Mason indicated that the provisions made in the fourth quarter of 2023, amounting to $780 million, related to approximately 7,000 job cuts in 2024.
The New York-based group had around 200,000 employees at the end of 2023, excluding retail banking in Mexico, a total it plans to reduce to 180,000, according to documents published on Friday.
Citigroup has embarked on a major strategic realignment, which has led to disinvestment in a number of international retail banking subsidiaries.
It plans in particular to list its Mexican subsidiary Banamex, which includes services for individuals and SMEs.
Overall, Citi is refocusing on institutional clients, private banking, wealth management, and credit cards, while remaining active in retail banking in the United States.
The bank plans to achieve approximately $2 to $2.5 billion in annual savings through this overhaul.
As the top US bank in 2006, Citigroup had 325,000 employees at that time.
It was hit hard by the 2008 financial crisis, weighed down by substantial portfolios of risky assets, particularly subprime loans.
More internationally focused than its American rivals, it was also more vulnerable to international crises, including the invasion of Ukraine and the recent devaluation of the Argentine peso.
This article was published automatically. Sources: ats / awp / afp
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