Finance

Citigroup Earmarks $600 Million in Severance for Fresh Global Job Cuts

Citigroup is about halfway through a years-long reorganization that it initially anticipated would cull 20,000 jobs globally. — Citigroup is about halfway through a years-long reorganization that it initially anticipated would cull 20,000 jobs globally.
Photographer: Callaghan O'Hare/Bloomberg

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By Paige Smith and Jennifer Surane

January 15, 2025 at 5:54 PM UTC

This article is for subscribers only.

Citigroup Inc. is planning to reserve $600 million for severance payments in 2025 as it continues to trim its workforce and cut expenses, according to Chief Financial Officer Mark Mason.

The $600 million figure is down about 14% from last year, when the bank shed more than 10,000 jobs. Typically, Mason said, severance costs would hover around $300 million.