Workcut Alert: Exciting news for staff members! 20 thousand workers will be let go by this firm; stay up to current

Workcut Alert: Exciting news for staff members! 20 thousand workers will be let go by this firm; stay up to current

Workcut Alert: Exciting news for staff members! 20 thousand workers will be let go by this firm; stay up to current

As part of a significant organizational transformation, this corporation will lay off ten percent of its personnel, or around twenty thousand workers, over the next two years.

Major global banking company Citigroup plans to lay off 10,000 workers, or 10% of its staff, over the course of the next two years as part of a significant organizational restructuring. Following the late-night presentation of its fourth-quarter results and costs on Friday, Citigroup announced that 20,000 workers will be let go in the "medium term."

2024 will be a "turning point" for the US financial company, according to Jane Fraser, CEO of Citigroup. By the end of 2023, Citigroup employed almost two million people, excluding its businesses in Mexico. The bank lost $1.8 billion in the fourth quarter as a result of restructuring, the closure of its operations in Russia, and $3.8 billion in losses in Argentina.

"We have made great progress in streamlining Citi and executing on our strategy for 2023, even though the impact of noteworthy items made the fourth quarter extremely disappointing," Fraser said. In September of last year, Fraser had disclosed significant changes at the US bank with the third-highest asset size.

Citigroup is anticipated to pay more than $1 billion in restructuring and severance expenses this year. "2024 will be a turning point, given how far behind we are in our divestment and simplification," said the CEO of Citigroup. There have reportedly been several layoffs at the corporation in the past, beginning at the bank's highest level. January 22 is the day of another wave of layoffs.