Citi to Cut 20,000 Roles in Fraser’s Bid to Boost Returns
- Fixed-income trading revenue reaches five-year low in quarter
- Citi to take $1 billion in severance, overhaul costs in 2024
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Citigroup Inc. said it will eliminate 20,000 roles in a move that will save it as much as $2.5 billion as part of Chief Executive Officer Jane Fraser’s quest to boost the Wall Street giant’s lagging returns.
Firmwide expenses are expected to drop to a range of $51 billion to $53 billion by the end of 2026, Citigroup said. In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser’s restructuring of the bank this year.