Citigroup Inc. Cuts 2000 More Jobs, severance costs at $650 million

Kindly pay attention that the Citi Group recently cut 2,000 more jobs this year. So far, the Citi Group has cut 7000 jobs this year. Yes, you heard it right, Citigroup Inc. has been continuously reducing its staff this year. The recent job cut of 2000 has taken the number to 7000 this year. The severance charges of Citigroup Inc. are at $650 million, a report claimed. This shocking development was reported and unveiled by CFO Mark Mason who shared this information during an earnings call. Mark Mason said that the earlier $450 million charges were for around 5000 job cuts. We have a lot more to disclose with you about Citigroup Inc. Stick with this page and go through it till the end. Drag down the page.

Citigroup Inc

CFO Mark Mason further emphasized that the recorded charges for the year do not include the recently announced reorganization that seeks to refocus Citigroup on five important businesses, last month. The restructuring of Citigroup will eventually result in additional job cuts. However, it is not known what would be the number of jobs that would be cut down. Do you know what is the strength of Citigroup Inc.’s staff and employees? If not, swipe down the page and unfold this information.

According to the sources, the overall staff count across Citigroup Inc. is 240,000 workers during the last four quarters. However, the firm has hired technology workers and other staff members who would address consent orders received from regulators. It is pertinent to talk about the group’s expenses which have increased by 6 percent taking it to $13.5 billion. Although, it was below the expectations for the third quarter by the analysts. Citigroup Inc. maintained its full-year expense at $54 billion claimed in an earning presentation. Swipe down the page and read more details.

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The future plans of Citigroup Inc. are the workers of the firm working in reorganization, risk management, and support staff in compliance are likely to be removed from their jobs. People familiar with the development added that Citi managers are already convening discussions with employees about expected layoffs and one-on-one meetings about job cuts also started. This shocking update came following an announcement for overhaul. CEO Jane Fraser who called the reorganization said Citi’s biggest in almost two decades will gain more direct control over its businesses in a bid to boost the stock price and profits. Stay tuned to this website for more details and updates.

Amzad Khan
Amzad Khan

Hey there, guys. I am Amzad Khan. I enjoy writing on topics related to my interests in gaming and technology. My work has attracted a dedicated fan base thanks to the fresh and unexpected angle I bring to each piece.