Ms Fraser did not specify where the jobs will be cut but they are likely to be a mix of redundancies and vacant positions left unfilled. The roles will be lost over the next two to three years and reduce Citi’s workforce from 200,000 to 180,000. It comes as chief executive Jane Fraser battles to slim down the bloated lender and save around $2bn a year.
The quarterly loss is the steepest since Citi posted a $7.6bn loss in 2009 during the depths of the financial crisis. The company will cut about 10pc of its workforce over the next two years as part of drastic measures to strip out costs.Ĭiti, which is one of the world’s biggest investment banks, swung to a $1.8bn (£1.4bn) loss from a $2.5bn profit a year earlier after booking a string of impairments and charges linked to its exit from Russia, the devaluation of the Argentinian peso and costs related to its sweeping overhaul. Citigroup is to cut 20,000 jobs after the Wall Street bank suffered its worst quarterly loss since the financial crisis.
