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Citigroup to lay off 20,000 employees

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In September, Citi announced a major restructure that involves eliminating its Personal Banking & Wealth Management and Institutional Clients Group management layers, as well as regional layers in Asia Pacific, Europe, Middle East and Africa, and Latin America.

“These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service, and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all with an eye toward delivering on our medium-term targets and our Transformation,” CEO Jane Fraser said in September 2023.

Citi assured that it is committed to “retaining top talent” and supporting departing employees as the company transitions to a new model.

‘Very disappointing’ fourth quarter for Citigroup

The sweeping layoffs come as Fraser said they suffered a “very disappointing” fourth quarter in 2023, following a net loss of $1.8 billion.

Mason said among the contributors to this status was the $780 million charge due to severance and other related costs as a result of organizational structuring.

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