"Dream - Citigroup will lay off 20,000 employees over the next two years. CFO Citigroup, Mark Mason, stated that the reduction in staff is being done after the company reported a net loss of US$1.8 billion for the fourth quarter of 2023. The fourth quarter of 2023 has become the worst quarter in the last 15 years."
"Savings"
According to CNN Business, the company expects that reducing the number of employees will save US$2.5 billion in the long term.
Citigroup reported a very large revenue loss of US$1.16 per share for the fourth quarter, far below the estimated loss of 11 cents per share, according to FactSet.
Citigroup said that there are several costs that have impacted its results. Including a cost of US$1.7 billion that the bank has to pay related to the regional banking crisis last spring. There is a loss of US$880 million in Argentina and US$800 million in restructuring costs related to layoffs of 7,000 employees in 2023.
The following is the translation of the given 'Bahasa' text to 'English' while preserving any HTML tags: "Layoffs are part of CEO Citi Jane Fraser's long-standing efforts to streamline bureaucracy in the company and improve lagging profits. "Every time an industry or company experiences a decline like this, it will have an impact on morale," said Manson. "Thus, I will demonstrate the fact that we have been very clear about the company's strategy and very clear about the momentum we expect," he continued."
Besides laying off 20,000 employees in the company's operations, the company stated that it will dismiss 40,000 employees from its retail unit in Mexico through an IPO, resulting in a total of approximately 180,000 employees out of 240,000 employees. Over the next few years, the bank said that they will pay up to US$1 billion for severance and restructuring costs related to the restructuring plan.
A spokesperson from this United States-based lender stated that this layoff will apply globally and declined to specify the number of employees based on region.
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