Citigroup posts $1.8 billion loss on slew of charges

-Citigroup will cut 20,000 jobs over the next two years, its Chief Financial Officer Mark Mason said on Friday, after the bank reported a $1.8 billion loss for the fourth quarter. The lender, which currently has 239,000 employees worldwide, will reduce that headcount by 20,000 as part of a sweeping reorganization, Mason told reporters. Citi also expects to shed a further 40,000 jobs when it lists its Mexican consumer unit Banamex in an initial public offering.

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