Citigroup Inc (NYSE:C) is to cut 20,000 jobs, including potentially hundreds in London, the US bank’s chief executive Jane Fraser said today.
As part of an ongoing exercise, Fraser said the cuts would be global and cost US$1 billion in severance in addition to the US$1.5 billion racked up by the bank on payoffs in the year just ended.
Citi employs around 9,000 people at its office at Canary Wharf in London, with around another 6,500 in offices in Belfast, Edinburgh and elsewhere.
The bank, which posted losses of US$1.8 billion in 2023, said it expects to save between US$2-2.5 billion through the cuts and other savings.
In addition to the severance costs, Citi also took a US$500 million hit for its exit from Russia and a currency hit from the decline of the Argentinian peso.
“While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023,” Fraser said.