Citi, following disappointing results in its institutional client unit, has announced a new round of job cuts starting the week of january 22nd. Jane fraser, citi's chief executive officer, wrote in a memo to employees that the bank would begin the "next layer of changes" to its organizational structure during that week and aim to complete the reorganization by the first quarter of this year.

As a component of its rebuilding endeavors, citi plans to diminish its headcount by 20,000 individuals, which is 10% of its complete labor force. The bank means to work on its association by diminishing administration levels from 13 to eight, eliminating pointless gatherings, and shutting civil bond and bothered obligation exchanging.

The financial results presented alongside the fourth quarter reveal that citi had its worst performance in 15 years. The markets business incurred a $134 million loss, primarily attributed to a 25% decline in fixed income revenues due to lower revenues in rates and foreign exchange trading, decreased volatility, a significant slowdown in december, and the impact of the devaluation of the argentine peso. Bonus announcements have been delayed as a result.

Citi has been restructuring its hierarchy, cutting two levels last year, resulting in a reduction of 7,000 people and $100 million in severance charges. This year, the bank expects to spend an additional $700 million on severance and restructuring combined.

In a memo, jane fraser expressed her hope that employees were able to recharge over the holidays, emphasizing that the critical work of rebuilding the bank is ongoing. The restructuring process is described as quick but thoughtful. Citi declined to provide further comments, and there have already been reports of employees leaving the bank this year, including paul bakunowicz in fx trading.