"Citigroup's 20,000 Job Cuts Amid Steep Quarterly Loss"
TL;DR
Citigroup plans to cut 20,000 jobs by the end of 2026 as part of a restructuring following a steep quarterly loss of $1.8bn, attributed to one-off charges and expenses. The bank aims to reduce its workforce to about 180,000 employees, with the upcoming listing of Banamex also contributing to staffing reductions. Meanwhile, JPMorgan Chase reported its best-ever annual profit despite a 15% drop in fourth-quarter earnings, benefiting from higher interest rates and the acquisition of failed regional banks. JPMorgan's chairman, Jamie Dimon, expressed optimism about the US economy's resilience but cautioned about potential downside risks.
- Citigroup to cut 20,000 jobs after steep quarterly loss The Guardian
- Citi CEO: The Fourth Quarter Was Very Disappointing Bloomberg Television
- Citigroup to cut 20,000 employees CNN
- Citigroup's Goal Is Clear, But It Struggles at the Start Bloomberg
- Citigroup announces elimination of 20,000 jobs after losses Fox Business
Want the full story? Read the original reporting
Read on The Guardian