They laid off 7,000 in 2023….
(They are laying off even more people and expect pay out $1 Billion + in severance pay)
The company is paying $1.7 Billion in addition to an addtional $1.6 Billion they paid and counted as losses ….
Let’s see?
That add’s up to about $3.3 Billion of hurt for the Bank….
The company’s assets are figured at $2.36 Trillion….
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 expects the reduction in headcount to save $2.5 billion over the long-term….
…
In addition to the 20,000 job cuts at the company’s operations, the bank said it will shed 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.
Over the next few years, the bank said it expects to pay up to $1 billion in severance pay and reorganization costs related to its planned restructuring.
A spokesperson for the US-based lender said the layoffs would be global in scope and declined to break out numbers by region.
Citigroup CEO Jane Fraser first announced her sweeping restructuring efforts last September. Her plans to rearrange the bank’s leadership, increase accountability and boost the share price, she said, would require a leaner staff…
Note…
All of the large banks with Federal Bank insurance (FDIC) got a rate increase after two silicon valley banks failed last year…