An American multinational investment bank and financial services corporation, Citigroup Inc. has reported a net loss for the fourth quarter of 2023 of $(1.8) billion, or $(1.16) per diluted share, on revenues of $17.4 billion.
This compares to net income of $2.5 billion, or $1.16 per diluted share, on revenues of $18.0 billion for the fourth quarter of 2022.
Citi CEO Jane Fraser said, “While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023.”
“We restructured around five core, interconnected businesses to align our organization with our strategy and to provide greater transparency into their performance”, she said.
“Given how far we are down the path of our simplification and divestitures 2024 will be a turning point as we’ll be able to completely focus on the performance of our five businesses and our Transformation”, Citi CEO Jane said.
Citi CEO Jane further said, “We remain confident in our ability to adapt to evolving capital and macro environments to reach our medium-term targets and return capital to our shareholders, whilst continuing the investments needed for our Transformation.”
Moreover, Citigroup is likely to announce more organizational changes. It is expected to cut at least 20,000 jobs over the next two years. The job cuts will save $2.5 billion a year by 2026.
“Efforts to simplify its structure will be largely completed this quarter, saving $1 billion and eliminating about 5,000 mostly managerial roles,” CEO Jane Fraser said.
The bank had 240,000 people at the end of 2022 and the layoffs move will bring down the headcount to nearly 180,000 in 2026.
