Citi Group reveals plans for 20,000 job cuts by 2026

Citigroup CEO Jane Fraser plans to cut 20,000 jobs by 2026, saving $2.5 billion.

Another 40,000 positions may be shed during the IPO of its Mexican unit, Banamex.

This restructuring aims to make Citigroup more efficient and focused on serving multinational corporations.

The bank’s workforce would reduce by 25%, leaving it with 180,000 employees. The move follows a Q4 net loss of $1.8 billion. Fraser sees this as a “turning point” in simplifying Citigroup’s operations, marking the most significant change in nearly two decades.

The bank is retreating from consumer banking in various regions and streamlining its business model.

The restructuring was initiated in September, and layoffs began in November, affecting senior managers.

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