TLDR: Citigroup is set to cut 20,000 jobs as it reports its worst quarter in 15 years. The move is part of a restructuring plan to improve the bank’s profitability and ensure future growth. Other banks, including Barclays and Deutsche Bank, have also announced plans for significant job cuts.
Citigroup has announced plans to cut 20,000 jobs as part of a wider restructuring effort. The bank reportedly had its worst quarter in 15 years, and the job cuts are expected to take place over the next few years. The goal of the layoffs is to improve Citigroup’s profitability and ensure future growth. Other major banks, including Barclays and Deutsche Bank, have announced similar plans for significant job cuts recently.
Citigroup has reported its worst quarter in 15 years, prompting the bank to unveil plans for 20,000 job cuts as part of a wider restructuring effort. The bank’s CEO, James Forese, stated that the layoffs are part of an effort to “continue to adapt to changes in the regulatory environment and the changing needs of our clients.” These cuts come as part of a wave of layoffs in the banking industry, with other major banks such as Barclays and Deutsche Bank also planning significant job reductions.
