US bank Citigroup to remove 20,000 jobs over next couple of years

Citigroup plans to cut 20,000 jobs over the next couple of years, the US bank said Friday, as part of a corporate reorganization designed to boost profits and return cash to shareholders. The downsizing was laid out in a presentation released in connection with the New York based lender's fourth quarter results.

The move will put headcount at about 180,000 in the 2026 time period, down from 240,000 at the end of 2022 while also reflecting the expected spinoff of Citi's Mexico subsidiary, Banamex. Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.