Citigroup to cut 20,000 jobs by 2026

Citigroup announced it is moving forward with its restructuring initiative, aiming to cut 20,000 jobs over the next two years to save up to $2.5 billion after posting a “clearly disappointing” quarter marred by one-off charges that resulted in a loss of $1.8 billion.

The multinational bank’s revenue fell 3% to $17.4 billion in the last quarter ending December from a year earlier. 

The bank is implementing these changes under CEO Jan Fraser’s efforts to streamline its global operations.