Banking Giant To Remove 20,000 Employees!

2023 has been an unforgettable year for the employees. Companies across the fields and irrespective of size have sacked employees due to various reasons. Cost cutting and making the workforce shot were the top reasons the companies cited. Even the tech giants removed employees and the senior employees were also removed.

Looking at the current trend, 2024 might also be not different. In what could be a big blow Citigroup Bank would remove as many as 20,000 employees in the next two years.

The US banking giant Citi Group said that in the trimester the company recorded a massive loss of 1.8 billion dollars and this is the biggest loss the group recorded in the past one and a half decades. Having recorded the big loss, the group decided to go for tough calls.

As part of the measures to deal with the losses, the group decided to sack 20,000 employees which translates to 8% of the total staff the group enjoys. The employees will be removed in the next two years and the company is expected to save as much as 2.5 billion dollars in the long-term.

The city group paid 1.7 billion dollars in connection with the crisis. On top of this, the instability in Argentina and Russia also played a big role as the group suffered millions of dollars in loss.

On top of the 20,000 jobs that would be sacked in the next two years, the City group would also remove not less than 40,000 jobs in the Mexican consumer unit. In total 60,000 employees will be removed in total aiming to make the workforce crisp.

The US Banking giant enjoys a large workforce of 239,000 globally. With 60,000 employees losing their jobs, the workforce would go down to 180,000. With this, the group aims at cost-cutting and cost-saving.