Citigroup posts $1.8 billion fourth-quarter loss after litany of charges
Publishing timestamp: 2024-01-12 09:57:34
Summary
Citigroup reported a $1.8 billion fourth-quarter loss due to charges related to overseas risks, last year's regional banking crisis, and CEO Jane Fraser's corporate overhaul. The charges hit quarterly earnings by $4.66 billion. Citigroup also announced plans to reduce its headcount by 20,000 and incur up to $1 billion more in severance costs. Despite the loss, Citigroup's institutional services operations, U.S. personal banking, and investment banking performed well. CEO Jane Fraser will be under pressure to deliver results this year.
Sentiment: NEGATIVE
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Source: https://www.cnbc.com/2024/01/12/citigroup-c-earnings-4q-2023.html