US-based Citigroup to lay off thousands of employees
Citigroup, one of the major US banks, has announced that it will lay off 20,000 employees in the medium term.
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Citigroup Chief Financial Officer (CFO) Mark Mason announced that the bank will terminate the employment of thousands of staff members within 2 years.
Stating that the restructuring will begin at the end of the first quarter, Mason expressed that the layoffs would not hinder Citigroup's revenue growth.
Mason reported that Citigroup will reduce its headcount by 20,000 people in the medium term.
According to the balance sheet published by Citigroup today, the bank incurred a loss of 1.8 billion dollars in the fourth quarter of last year. The bank's loss per share was 1.6 dollars in the same period.
Citigroup had previously announced that it would undergo organizational changes as part of a restructuring plan last year.