Citi to cut 20K jobs as bank posts worst fourth-quarter loss in 15 years

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, ...