- EVELYN HOCKSTEIN/REUTERSCitigroup plans to eliminate some 20,000 jobs by the end of 2026, marking the next phase of the bank’s most dramatic restructuring plan in decades. In trimming 20,000 jobs, Citi expects to reduce its annual expenses to between $51 billion and $53 billion over the next several years. In banking, which includes merger advice, stock-and-debt underwriting and corporate loans, revenue rose 22% to $949 million. Citi’s wealth-management business reported revenue of $1.7 billion, down 3% from a year earlier. For the year, Citi reported net income of $9.2 billion, or $4.04 a share, down 38% from $14.8 billion, or $7 a share, in 2022.

Source: Wall Street Journal January 13, 2024 13:54 UTC