Citigroup has announced plans to cut 20,000 jobs over the next two years under a turnaround plan led by the Wall Street giant's British chief executive Jane Fraser. Fraser pledged that 2024 would be a 'turning point' after the lender reported a £1.4billion loss for the fourth quarter that she admitted was 'very disappointing'. The 20,000 job cuts announced yesterday will take out a big chunk of its 239,000-strong workforce. Chief financial officer Mark Mason yesterday admitted the job cuts were 'tough on morale' but that they would not prevent revenue growth. It came as Wall Street rival JP Morgan said its quarterly profits fell by 15 per cent to £7.3billion but full year profits rose 32 per cent to £38.9billion.

Source: Daily Mail January 13, 2024 16:25 UTC