Citigroup (C) to Eliminate 20,000 Jobs, Enhance Performance

Citigroup Inc. (C) is planning to eliminate 20,000 job positions, excluding its workforce in Mexico, over the medium term. As the company announced net loss of $1.8 billion for fourth-quarter 2023, the decision will help improve its performance. In fact, these job cuts would result in savings of approximately $2-$2.5 billion over the medium term.For 2024, C expects adjusted expenses to be approximately in the range of $53.5-$53.8 billion, down from $54.3 billion projected previously. The decline is likely t ...