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, ...

  Q4 2023 Analyst Expectation Q4 2022Revenue $17.4B $18.8B $18BDiluted Earnings (loss) Per Share (EPS) ($1.16) 43 cents $1.16Net Income/ (loss) ($1.8B) $1.45B $2.5B"While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing out strategy in 2023," said Citi CEO Jane Fraser. Key Metric Citigroup has been struggling with growing expenses, and that prompted Fraser to launch a massive restructuring effort in September. But ah ...

About this content About Stephen Gunnion Stephen Gunnion is a senior financial journalist and broadcaster at Proactive Investors. He has more than 25 years of experience in television, radio and print media, anchoring on a number of television channels including South Africa's Business Day TV, CNBC Africa and the South African Broadcasting Corporation, where he was the economics editor. He has also worked for Daily Maverick, Bloomberg, the Business Day newspaper and Investors' Chronicle. Read more About ...