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Citigroup's Profits Amidst Planned Mass Layoffs

Adi Ahdiat 20/11/2023 15:00 WIB

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Citigroup's mass layoff plan comes after fluctuating profits over the past few years, particularly since the pandemic.

Citigroup Net Income per Quarter (2019-2023)

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Citigroup Net Income per Quarter (2019-2023)

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Multinational financial services company Citigroup will conduct large-scale layoffs.

This was announced by Citigroup management in their *Earnings Results Presentation Third Quarter 2023*, released in October 2023.

"Citigroup is announcing the most significant organizational and management changes in the last two decades," Citigroup management wrote in their presentation.

The document states that Citigroup will reduce 15% of functional roles in the top two management layers, and reduce the overall management layers from 13 to 8.

Citigroup management did not detail the reasons behind the planned restructuring. However, the plan comes after their profits fluctuated in recent years.

According to the company's official report, Citigroup's net income consistently increased in Q1 to Q4 2019, with a minimum of US$4.7 billion per quarter.

However, since the Covid-19 pandemic hit in 2020, its net income has fallen significantly.

Citigroup's performance then surged in the first two quarters of 2021. However, starting in Q3 2021, their net income declined and continued to fluctuate with a weakening trend, as seen in the chart above.

Most recently, in Q3 2023, Citigroup reported net income of approximately US$3.5 billion.

This figure jumped 22% quarter-on-quarter, and increased by 2% year-on-year, but is still lower than pre-pandemic levels.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Citigroup's Profits Amidst Planned Mass Layoffs

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