Citigroup said it expected to cut at least 20,000 jobs, about 10 per cent of its workforce, as the struggling US bank reported its worst quarter in 14 years.
The cuts could cost as much as $1.8bn, Citi said on Friday, but save as much as $2.5bn a year by 2026 when they are due to be completed.
The bank reported a $1.8bn loss for the last three months of 2023, dragged down by $4bn of charges and expenses, including $800mn tied to the restructuring and other big hits from its exposure to Russia and the devaluation of Argentina’s peso.
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