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US banking and financial services giant Citigroup is planning to lay off 20,000 of its workforce - roughly 8 per cent of its 239,000 global headcount by 2026, as part of a mega restructuring. ....
Mark Mason, Chief Financial Officer of Citigroup, disclosed that the bank’s extensive restructuring is expected to incur charges of approximately $1 billion for restructuring and severance. ....
Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. In the two top layers of leadership, Citi reduced 15% of functional roles and eliminated 60 committees, it said in its third quarter earnings presentation. ....
Citigroup Inc. said its London trading desk was behind a flash crash in Europe, which had sent shares across the continent tumbling after a sudden 8% decline in Swedish stocks. ....