Brief by Shorts91 Newsdesk / 12:14pm on 13 Jan 2024,Saturday International
Citigroup plans to slash 20,000 jobs by 2026 after a significant fourth-quarter loss of $1.8bn. CEO Jane Fraser sees 2024 as a turning point, but CFO Mark Mason admits job cuts are tough on morale. Citi's total staff, currently 239,000, will reduce to around 180,000 due to restructuring and the upcoming listing of Banamex. Meanwhile, JPMorgan Chase, America's third-largest bank, posts its best-ever annual profit of $49.6bn, despite a 15% drop in Q4 profits. Chairman Jamie Dimon sees a resilient US economy but notes potential downside risks. JPMorgan shares rise 0.6% on Friday.
