Citigroup plans to cut about 20,000 jobs by the end of 2026, marking the next phase of the bank's most dramatic restructuring plan in decades.
The cuts will reduce about 10% of Citi's workforce, which stood at 200,000 in December, excluding staff employed by a company in Mexico that is being spun off. Citi detailed its cost-cutting plans on Friday, when it also announced a fourth-quarter loss.
Citi chief executive Jane Fraser took over the bank in 2021 with a mandate to streamline and simplify what was once the world's largest financial services company. Its supermarket of financial products and advanced international operations, once hailed as the hallmark of a unique franchise, now add up to a bank worth far less than many of its closest peers.
“Each bank is a function of what they've become over the last 30 to 40 years; it doesn't change overnight,” said Ken Usdin, a Jefferies analyst who has a “hold” rating on Citi shares, before the results were. announced “They are in the middle of a multi-year plan to streamline strategy, focus on strengths, shed layers of excess staff and improve directionally.
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