The UK-born executive, who took the helm in 2021, said 2024 would be a “turning point” for the firm.
Citi has already sold off some of its overseas operations and moved to list its Mexican unit as a standalone firm.
Citi has already sold off some of its overseas operations and moved to list its Mexican unit as a standalone firm.
Ms Fraser said that despite a $1.8bn (£1.4bn) loss in the last three months of 2023 – the biggest quarterly hit reported by the lender in years – the bank had made progress on its strategy.
“Given how far we are down the path of our simplification and divestures, 2024 will be a turning point,” Ms Fraser said.
Citi, which employs more than 16,000 people in the UK, declined to elaborate how many of the job losses might hit the UK or which units would be most affected.
But as the plans progress, they will sharply reduce the bank’s size.
Chief financial officer Mark Mason said the bank expected to employ about 180,000 people by 2025 or 2026, compared with about 240,000 at the start of 2023.
Citi has already sold off some of its overseas operations and moved to list its Mexican unit as a standalone firm.
The UK-born executive, who took the helm in 2021, said 2024 would be a “turning point” for the firm.
Ms Fraser said that despite a $1.8bn (£1.4bn) loss in the last three months of 2023 – the biggest quarterly hit reported by the lender in years – the bank had made progress on its strategy.
Citi has already sold off some of its overseas operations and moved to list its Mexican unit as a standalone firm.
Citi has already sold off some of its overseas operations and moved to list its Mexican unit as a standalone firm.
Ms Fraser said that despite a $1.8bn (£1.4bn) loss in the last three months of 2023 – the biggest quarterly hit reported by the lender in years – the bank had made progress on its strategy.
“Given how far we are down the path of our simplification and divestures, 2024 will be a turning point,” Ms Fraser said.
Citi, which employs more than 16,000 people in the UK, declined to elaborate how many of the job losses might hit the UK or which units would be most affected.
But as the plans progress, they will sharply reduce the bank’s size.
Chief financial officer Mark Mason said the bank expected to employ about 180,000 people by 2025 or 2026, compared with about 240,000 at the start of 2023.
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