Citigroup CEO Jane Fraser testifies during a hearing before the House Financial Services Committee at the Rayburn House office building on Capitol Hill on September 21, 2022 in Washington, DC.
Alex Wong | Getty Images
Citigroup said it was cutting 10% of its workforce in a bid to help boost the embattled bank’s results and share price.
About 20,000 jobs will be cut in the “medium term,” New York’s Citigroup said Friday in a presentation linked to fourth-quarter earnings. While it wasn’t immediately clear how long that is, the bank previously used the term to refer to a period of three to five years.
Citigroup had about 200,000 employees at the end of 2023, excluding the Mexican operations, which are in the process of being phased out, according to the presentation.
Citigroup CEO Jane Fraser announced in September a sweeping overhaul of America’s third-largest bank by assets. In November, CNBC reported that executives and consultants involved in the effort — known internally by the code name “Project Bora Bora” — were discussing 10 percent job cuts at several large businesses.
In a footnote to its presentation, Citigroup said the 20,000 job cuts could be “slightly lower” if it chooses to use internal resources rather than outsource functions.
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