Citigroup to cut 20,000 jobs after steep quarterly loss

JPMorgan Chase posts record annual profit as earnings season gets under way

Citigroup will cut 20,000 jobs by the end of 2026 after enduring a steep loss in the last quarter as it presses ahead with a sweeping restructuring.

While chief executive, Jane Fraser, hailed 2024 as a turning point" for the American banking group, Mark Mason, its chief financial officer, acknowledged that job cuts are tough on morale" as he outlined the planned reductions.