Citigroup’s CFO Warns 1,600 Job Cuts Will Boost Expenses This Quarter
- Bank has set aside severance for 5,000 workers so far in 2023
- About $1 billion in stock buybacks planned this quarter
Citigroup headquarters in New York.
Photographer: Juan Cristobal Cobo/BloombergThis article is for subscribers only.
Citigroup Inc. Chief Financial Officer Mark Mason said the firm’s recent job cuts will cause expenses to climb by as much as $400 million this quarter compared with the first three months of the year.
The New York-based bank expects to record severance costs tied to the departure of 1,600 employees in the second quarter, which mostly affected its investment-banking and trading divisions, Mason said Wednesday at a Morgan Stanley conference in New York. So far this year, the firm has set aside severance for 5,000 employees affected by the cuts, he said.