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.
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