Citigroup said it will cut 20,000 jobs over the next two years, acknowledging a “clearly disappointing” quarter marred by one-off charges that led to a $1.8 billion loss.
The lender plans to reduce its global workforce by 20,000 employees, or about 8% of its total workforce, by 2026.
And the loss resulted from a $3.8 billion charge, which was disclosed on Wednesday.
This charge includes reorganization costs, a provision related to currency devaluation and instability in Argentina and operations in Russia, and a $1.7 billion payment to replenish a government deposit insurance fund.
The bank anticipates that its charges related to layoffs and reorganization will be between $700 million and $1 billion this year.