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Citigroup to cut 20,000 jobs by 2026 following latest financial losses

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Low unemployment streak extends another month


Low unemployment streak extends another month

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Citigroup is planning to lay off 20,000 employees, or about 10% of its workforce, in the next two years as it comes off its worst quarterly financial results in more than a decade. 

The embattled bank on Friday reported $1.8 billion in losses in the fourth quarter of 2023, while revenue fell 3% to $17.4 billion from last year, according to its latest financial filings. The layoffs could save the bank as much as $2.5 billion, Citigroup’s presentation to investors shows. 

“While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023,” Citigroup CEO Jane Fraser said Friday in a statement. 

Citi’s layoffs will bring its headcount to 180,000 by 2026, a Citigroup representative told CBS MoneyWatch. The cuts follow a smaller round of job reductions that eliminated roughly 10% of senior manager roles at the bank late last year, Bloomberg reported. 

Citi’s workforce reductions form part of a larger reorganization effort aimed at improving the bank’s financials and stock price. The restructuring is expected to reduce Citi’s expenses as low as $51 billion, bringing the bank closer to its profit goals, Reuters reported

Citibank’s organizational overhaul comes as financial institutions are attempting to recover from a turbulent year that included a decline in their stock prices. According to Forbes, the 15 largest banks in the U.S. lost more than $46 million in value in a single day last August.



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10/6: Face the Nation – CBS News

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This week on “Face the Nation with Margaret Brennan,” as the world prepares to mark one year since the Hamas attack on Israel, Margaret Brennan speaks to UNICEF executive director Catherine Russell. Plus, Republican Sen. Thom Tillis of North Carolina joins.

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Sen. Thom Tillis says “the scope” of Helene damage in North Carolina “is more like Katrina”

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As recovery missions and repairs continue in North Carolina more than a week after Hurricane Helene carved a path of devastation through the western part of the state, the state’s Republican Sen. Thom Tillis called for more resources to bolster the relief effort and likened the damage to Hurricane Katrina’s mark on Louisiana in 2005.

“This is unlike anything that we’ve seen in this state,” Tillis told CBS News’ Margaret Brennan on “Face the Nation with Margaret Brennan” on Sunday morning. “We need increased attention. We need to continue to increase the surge of federal resources.”

Hurricane Helene ripped through the Southeast U.S. after making landfall in Florida on Sept. 26 as a powerful Category 4 storm. Helene brought heavy rain and catastrophic flooding to communities across multiple states, including Georgia, South Carolina, Tennessee and Virginia, with North Carolina bearing the brunt of the destruction. Officials previously said hundreds of roads in western North Carolina were washed out and inaccessible after the storm, hampering rescue operations, and several highways were blocked by mudslides. 

Tillis said Sunday that most roads in the region likely remained closed due to flooding and debris. Water, electricity and other essential services still have not been fully restored.

“The scope of this storm is more like Katrina,” he said. “It may look like a flood to the outside observer, but again, this is a landmass roughly the size of the state of Massachusetts, with damage distributed throughout. We have to get maximum resources on the ground immediately to finish rescue operations.”

Hurricane Katrina left more than 1,000 people dead after it slammed into Louisiana’s Gulf Coast in August 2005, flooding neighborhoods and destroying infrastructure in and around New Orleans as well as in parts of the surrounding region. It was the deadliest hurricane to hit the mainland U.S. in the last 50 years, and the costliest storm on record. 

The death toll from Hurricane Helene is at least 229, CBS News has confirmed, with at least 116 of those deaths reported in North Carolina alone. Officials have said they expect the death toll to continue to rise as recovery efforts were ongoing, and a spokesperson for the police department in Asheville told CBS News Friday their officers were “actively working 75 cases of missing persons.” 

On Saturday, the U.S. Department of Transportation released $100 million in emergency funds for North Carolina to rebuild the roads and bridges damaged by the hurricane.

“We are providing this initial round of funding so there’s no delay getting roads repaired and reopened, and re-establishing critical routes,” U.S. Transportation Secretary Pete Buttigieg said in a statement. “The Biden-Harris administration will be with North Carolina every step of the way, and today’s emergency funding to help get transportation networks back up and running safely will be followed by additional federal resources.”     

President Biden previously announced that the federal government would cover “100%” of costs for debris removal and emergency protective measures in North Carolina for six months.

With North Carolina leaders working with a number of relief agencies to deal with the aftermath of the storm, Tillis urged federal officials to ramp up the resources being funneled into the state’s hardest-hit areas. The senator also addressed a surge in conspiracy theories and misinformation about the Biden Administration’s disaster response, which have been fueled by Republican political figures like former President Donald Trump.

Trump falsely claimed that Mr. Biden and Vice President Kamala Harris, his Democratic opponent in the November presidential election, were diverting funds from Federal Emergency Management Agency that would support the relief effort in North Carolina toward initiatives for immigrants. He also said baselessly that the administration and North Carolina Gov. Roy Cooper, a Democrat, were withholding funds because many communities that were hit hardest are predominantly Republican. Elon Musk has shared false claims about FEMA, too.

“Many of these observations are not even from people on the ground,” Tillis said of those claims. “I believe that we have to stay focused on rescue operations, recovery operations, clearing operations, and we don’t need any of these distractions on the ground. It’s at the expense of the hard-working first responders and people that are just trying to recover their lives.”



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Face the Nation: Tillis, Tyab, Russel

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Missed the second half of the show? The latest on… the damage caused by hurricane Helene, children in Gaza and Iran’s response to Israel.

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