The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial Service Activities, Except Insurance And Pension Funding
20,000 jobs Number of planned job losses
Announcement Date
20 March 2024
Employment effect (start)
20 March 2024
Foreseen end date
31 December 2025
Description
Financial services provider Citigroup has announced that it will cut 20,000 jobs worldwide by the end of 2025.
Under the restructuring programme, about 168 positions are expected to be cut in Ireland. The conditions of the programme will be negotiated with employee representatives according to local regulations. The group is to reduce its global workforce by 20,000 jobs or roughly 8% of staff over the next two years.
This move is part of a broader reorganisation strategy aimed at streamlining operations and eliminating layers of bureaucracy within the bank. The restructuring is driven by the need to improve efficiency and boost returns. Citigroup has recorded a loss of €1.6 billion ($1.8 billion) in the last three months of 2023, driven by one-off charges.
Eurofound (2024), Citigroup, Internal restructuring in World, factsheet number 200989, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200989.
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