NEW YORK: Citigroup in the second quarter will book severance costs associated with around 1,600 job cuts, Chief Financial Officer Mark Mason said on Wednesday (Jun 14). Speaking at a conference in New York, Mason said the bank's expenses in the second quarter will be US$300 million to US$400 million highe
NEW YORK: Citigroup in the second quarter will book severance costs associated with around 1,600 job cuts, Chief Financial Officer Mark Mason said on Wednesday .
Since the start of the year, the bank has incurred costs related to a 5,000 headcount reduction taking place across the firm, largely in banking, markets and functions. The bank has already exited seven of the 14 markets it plans to divest from. The bank decided to spin off its Mexican unit next year and list it in 2025 after talks to sell it failed.He said markets revenues fell 20 per cent so far this quarter from a year earlier.
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