In mid-September, the bank’s CEO, Jane Fraser, stated that this transformation would be accompanied by a major reorganization of the company’s hierarchical structure, the most important for the bank “for 20 years.”
In a conference call, CFO Mark Mason indicated that the provisions or reserves included in the balance sheet for the last quarter of 2023, for about $780 million, concern about 7,000 layoffs in 2024.
The New York-based group had about 200,000 employees at the end of 2023, not counting retail banking in Mexico. The bank plans to bring its workforce to 180,000 people, according to documents published on Friday.
Citigroup is carrying out a reform of its operations that led it to divest retail subsidiaries outside the United States.
In particular, it plans to list its Mexican subsidiary, Banamex, on the stock market, which offers services to individuals and SMEs (small and medium-sized companies).
Globally, Citi focuses on institutional clients, private banking and wealth management, as well as credit cards. However, it maintains retail banking in the United States.
The bank aims to save between 2,000 and 2,500 million dollars annually with this reform.
With a strong presence abroad, it was more exposed to international crises such as the Russian invasion of Ukraine or the recent devaluation of the Argentine peso.
Source: AFP
