Financial Data and Key Metrics Changes - In Q4 2023, Citigroup reported a net loss of $1.8 billion and a diluted EPS of -$1.16, primarily due to a $1.3 billion reserve build related to transfer risk and a nearly $900 million negative revenue impact from the Argentine currency devaluation [10][20] - For the full year 2023, total revenues were $77.1 billion, below the guidance of $78 billion to $79 billion, largely due to the Argentine devaluation and softer market performance [24][14] - The CET1 capital ratio increased to 13.3%, approximately 100 basis points above the regulatory requirement [30] Business Line Data and Key Metrics Changes - Services revenues increased by 16% for the full year to $18.1 billion, despite the impact of the Argentine devaluation [22][11] - Markets revenues decreased by 6% to $18.9 billion, primarily due to lower volatility and a significant slowdown in December [23] - Banking revenues decreased by 15% to $4.6 billion, while investment banking revenues were relatively flat, gaining share amidst a declining wallet [23][12] - Wealth revenues decreased by 5% to $7.1 billion, primarily due to a shift in deposit mix towards higher-yielding products [23] Market Data and Key Metrics Changes - In the US Personal Banking segment, revenues increased by 12%, driven by higher net interest margins and interest-earning balances growth [39] - Investment banking activity in Asia rebounded with quarterly revenues up 21% [12] - The overall banking revenue continued to be impacted by a weak wallet globally [12] Company Strategy and Development Direction - Citigroup is focused on simplifying its organization and executing its transformation strategy, with a goal of achieving over $2 billion in run rate savings through the elimination of 20,000 positions [7][45] - The company aims to enhance connectivity across its five core businesses and improve client focus [7][8] - Investments in technology and digital capabilities are prioritized to support growth and improve operational efficiency [26][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2024 is a critical year for the company, emphasizing the need to deliver on medium-term targets [15][16] - The macro environment is expected to remain challenging, with moderating rates and inflation, but Citigroup is well-positioned to support clients [15][16] - Management expressed confidence in achieving a revenue growth target of 4% to 5% over the medium term [16][46] Other Important Information - Citigroup has completed divestitures of nine of its 14 international consumer franchises and is winding down nearly 70% of its total retail loans and deposits in certain countries [8] - The company has invested over $12 billion in technology in 2023, focusing on digital innovation and client experience enhancements [26] Q&A Session Summary Question: Why is this restructuring different from previous attempts? - Management highlighted that the current restructuring focuses on simplifying the organization and increasing accountability, with a commitment to long-term transformation and addressing past issues [50] Question: How will the company balance near-term profitability with necessary investments? - Management acknowledged the balancing act and emphasized the need for disciplined investments in growth areas while managing expenses effectively [55] Question: What is the outlook for Services growth in the next two years? - Management indicated that Services has strong core business momentum and a healthy pipeline, suggesting potential for continued growth despite rate changes [56]

Citigroup on Friday said it will slash 20,000 jobs. The reductions, detailed in the company’s fourth-quarter financial results deck, can be linked to Citi continuing to execute its ongoing reorganization.Citi will axe the positions "over the medium-term," something that should ultimately bring its expenses down by $2-2.5 billion, according to the company.  The job cuts will shrink the roughly 200,000-person workforce excluding Mexico that Citi reported it employed at 2023’s year-end by 10%. When counting Me ...

Citigroup reported a net loss of $1.8 billion for the fourth quarter, attributing that in part to several “notable items.”The items include a special assessment from the Federal Deposit Insurance Corp. (FDIC) due to the bank failures in 2023, a reserve build associated with transfer risk in Russia and Argentina, pre-tax revenue impact from a devaluation of the Argentine peso, and a restructuring charge related to the bank’s organizational changes, Citigroup said in a Friday (Jan. 12) press release.Excluding ...

Citigroup (NYSE:C) layoffs are the talk of Wall Street today after the investment bank announced that it will cut 20,000 roles, or 10% of its workforce, in a bid to save as much as $2.5 billion amid slowed revenue. So, what do you need to know about C job cuts lately?The move comes as Chief Executive Jane Fraser’s latest cost-cutting scheme. Indeed, after a disappointing fourth quarter in which Citigroup’s fixed-income traders endured their worst slump in five years, the firm is attempting to regain its foo ...

Citigroup Inc.’s (C) fourth-quarter 2023 earnings per share (excluding the impact of notable items) of 84 cents surpassed the Zacks Consensus Estimate of 73 cents. Including the impact of notable items in the quarter, C recorded loss per share of $1.16. It registered earnings of $1.16 a year ago. Our estimate was pegged at $1.15.It witnessed growth in total loans and deposits in the quarter. However, a decline in revenues and deteriorating credit quality are near-term woes.Net loss for the quarter was $1.8 ...

Citigroup plans to slash 20,000 jobs over the next two years after the struggling bank reported its worst fourth-quarter earnings in 15 years Friday. CEO Jane Fraser — who announced a sweeping overhaul last November to consolidate departments – seeks to bring the New York-based bank’s global headcount down to 180,000. Citi currently has 239,000 employees worldwide, its Chief Financial Officer Mark Mason said after the bank reported a $1.8 billion loss for the fourth quarter.Aside from the 20,000 job cuts, ...

For the quarter ended December 2023, Citigroup (C) reported revenue of $17.44 billion, down 3.1% over the same period last year. EPS came in at $0.84, compared to $1.10 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $18.66 billion, representing a surprise of -6.55%. The company delivered an EPS surprise of +15.07%, with the consensus EPS estimate being $0.73.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

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.Citi currently has 239,000 staff across the world. The lender plans to reduce this by 20,000 as part of a reorganisation, Mason said.Ex ...

Citigroup Inc (NYSE: C) just announced plans of lowering its global headcount by 10%. Its shares are paring back intraday gains at writing.How many employees will be laid off?Copy link to sectionThe investment bank will lay off about 20,000 of its employees over the “medium term” as part of a sweeping overhaul its chief executive Jane Fraser announced in September. Citi may choose to cut fewer than 20,000 jobs if it eventually decides to use internal resources instead of outsourcing tasks, its executives ad ...

CEO of Citigroup Jane Fraser testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on Capitol Hill on September 21, 2022 in Washington, DC.Citigroup said it was cutting 10% of its workforce in a bid to help boost the embattled bank's results and stock price.About 20,000 employees will be let go over the "medium term," New York-based Citigroup said Friday in a slideshow tied to fourth-quarter earnings. While it wasn't immediately clear how long that is, ...