"Citigroup's Fourth Quarter: $1.8B Loss and 20,000 Job Cuts"

Citigroup plans to cut 20,000 jobs over the next two years as part of a reorganization effort, aiming to reach a staffing level of 180,000 employees. The bank reported a $1.8 billion loss for the fourth quarter, largely due to exceptional items and increased reserves for credit losses. CEO Jane Fraser described 2024 as a "turning point year" for the lender, and CFO Mark Mason stated that the job cuts will not prevent revenue growth. Citigroup's revenue fell 3% to $17.4 billion in the quarter, with the trading division experiencing a 19% drop in revenue while banking revenue climbed 22%.