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July 17, 2024
PI Global Investments

Citigroup Plans to Cut 20,000 Jobs

Updated Jan. 12, 2024 3:26 pm ET

Citigroup plans to eliminate some 20,000 jobs by the end of 2026, marking the next phase of the bank’s most dramatic restructuring plan in decades. 

The cuts will trim about 10% of Citi’s head count, which totaled 200,000 in December excluding the staff employed by a Mexico business that is being spun off. Citi detailed its cost-cutting plans on Friday, when it also announced a fourth-quarter loss. 

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