On January 12, local time, a number of major U.S. Wall Street banks announced their fourth quarter 2023 results。Financial results show that Citibank's fourth quarter from profit to loss, the CEO said that the quarter results "look bad" "extremely disappointing," the bank's revenue fell 3% year-on-year to 174.$400 million, missing analyst expectations of 187.$400 million。According to US media reports, Citibank announced that it will lay off 20,000 people in the next two years, accounting for about 10% of its total workforce.。Up to $2.5 billion in savings expected。

During the earnings call, Citi Chief Financial Officer Mark Mason revealed that by the end of 2026, Citi will cut as many as 20,000 employees worldwide, accounting for about 8% of all employees.。

Citigroup is planning a massive overhaul of its business that will involve job cuts, in one of the biggest organizational restructurings the bank has experienced in about two decades.。