Citigroup To Cut 20,000 Jobs

Citigroup said it expects to incur as much as $1 billion in severance and reorganization costs this year as it continues the process of eliminating 20,000 roles as part of Chief Executive Officer Jane Fraser's quest to boost the Wall Street giant's lagging returns. From a report: Total expenses for the year will likely be between $53.5 billion and $53.8 billion, the New York-based bank said Friday. That would be a decrease from the $56.4 billion the firm spent in 2023.

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