Citigroup in the red quarter, heading for 20,000 job cuts - Last hour

1/12/2024, 2:26:37 PM

Highlights: Citigroup ended the fourth quarter with losses of $1.8 billion while revenues fell 3% to $17.4 billion. In announcing the results, Citigroup predicted a medium-term cut of 20,000 jobs. 2023 was closed with a profit of $9.2 billion, down 38% from $14.8billion in 2022. "The fourth quarter was very disappointing. Considering how far we've come in terms of simplification, 2024 will be the watershed year," said Chief Executive Jane Fraser.

Citigroup ended the fourth quarter with losses of $1.8 billion while revenue fell 3% to $17.4 billion, in what is the worst three months for the bank in 15 years. (ANSA)

Citigroup ended the fourth quarter with losses of $1.8 billion while revenues fell 3% to $17.4 billion, in what is the worst three months for the bank in 15 years. 2023 was closed with a profit of $9.2 billion, down 38% from $14.8 billion in 2022.
In announcing the results, Citigroup predicted a medium-term cut of 20,000 jobs. "The fourth quarter was very disappointing. Considering how far we've come in terms of simplification, 2024 will be the watershed year," said Chief Executive Jane Fraser.