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The Guardian - US
The Guardian - US
Business
Callum Jones in New York

Citigroup to cut 20,000 jobs after steep quarterly loss

Citi Citigroup JPMorgan JPMorgan Chase Jamie Dimon Jane Fraser Mark Mason Banamex
A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange
Banamex, Citi’s Mexican consumer division, is also set to reduce staffing levels by about 40,000. Photograph: Brendan McDermid/Reuters

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 were “tough on morale” as he outlined the planned reductions.

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