Citigroup to Lay Off 20,000 Employees

Global investment bank Citigroup has announced that it will cut 10% of its workforce, about 20,000 jobs, by 2026. The chief financial officer Mark Mason, the layoffs are part of the company’s reorganisation and bid to boost its bank results. The company has had four rough quarters culminating in Q4 2023 when it recorded $1.8 billion in losses, the biggest losses recorded since 2009 when it recorded $8.9 billion in losses in its fourth quarter. The bank has sold some of its operations outside the US including its China consumer unit, its Vietnam business unit, and several other businesses across South East Asia.