Citigroup cuts more jobs to meet expense goals, Bloomberg News reports

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Citigroup cuts more jobs to meet expense goals, Bloomberg News reports

//business-finance.news-articles.net/content/202 .. o-meet-expense-goals-bloomberg-news-reports.html

Published in Business and Finance on Thursday, January 16th 2025 at 15:00 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Citigroup is cutting more jobs this week to meet CEO Jane Fraser's expense goals, Bloomberg News reported on Thursday, citing people familiar with the matter.

210x110/6418 Bytes

Citigroup Inc. is planning to cut more jobs as part of its ongoing reorganization efforts, according to a Bloomberg report on January 16, 2025. The bank, which has already reduced its workforce by about 10% since September 2023, is now targeting additional layoffs primarily in its investment banking and trading sectors. These cuts are part of a broader strategy to streamline operations and improve efficiency, following a year where Citigroup faced challenges including a significant drop in profits and a need to adjust to a shifting financial landscape. The exact number of job cuts was not specified, but the move is expected to help the bank meet its financial targets and adapt to regulatory changes and market conditions.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/citigroup-axes-more-jobs-bloomberg-reports-2025-01-16/ ]