The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
Citigroup to Cut 20,000 Jobs in Next 2 Years Representing 8.3% of 240,000 Employees, Reports $1.8 Billion Net Loss for Q4 2023 & $9.2 Billion Net Profit for FY2023
17th January 2024 | Hong Kong
Citigroup will be cutting 20,000 jobs in the next 2 years, representing 8.3% of Citigroup 240,000 employees. At the FY2023 earnings announcement, Citigroup reported $1.8 billion net loss for Q4 2023 & $9.2 billion net profit for FY2023. Citi Wealth (including Citi Private Bank & Citigold) reported net income of $5 million and Citi Banking reported net loss of $322 million for FY 2023. Citi Wealth FY2023 Results – 1) Wealth revenues of $1.7 billion decreased 3%, driven by lower deposit spreads, partially offset by lower mortgage funding cost and higher investment fee revenues. 2) Private Bank revenues of $542 million decreased 10%, driven by lower deposit spreads and lower deposit and loan volumes, partially offset by higher investment revenue. 3) Wealth at Work revenues of $211 million increased 8%, driven by higher mortgage and investment revenue, partially offset by lower deposit revenue. 4) Citigold revenues of $918 million decreased 1%, as lower deposit spreads were partially offset by growth in investment revenue globally and higher deposit revenue in Asia. 5) Wealth operating expenses of $1.6 billion increased 4%, largely driven by investments in risk and controls and technology, partially offset by productivity savings. Wealth cost of credit was $4 million, as net credit losses of $31 million were largely offset by an ACL release for loans and unfunded commitments of $26 million. 6) Wealth net income was $5 million, as the lower revenues were largely offset by the higher expenses. In 2023, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. More info below:
“ Citigroup to Cut 20,000 Jobs in Next 2 Years Representing 8.3% of 240,000 Employees, Reports $1.8 Billion Net Loss for Q4 2023 & $9.2 Billion Net Profit for FY2023 “
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)
Hong Kong | Singapore
March / July / Sept / Oct / Nov
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place in Hong Kong and in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
10th April & 16th Oct Hong Kong Ritz Carlton | 24th April & 6th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2025 Family Office Summit | Register here
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
Citigroup Reports $1.8 Billion Net Loss for Q4 2023 & $9.2 Billion Net Profit for FY2023, Citi Wealth Including Citi Private Bank & Citigold Reported Net Income $5 Million, Citi Banking Net Loss of $322 Million, To Cut 20,000 Jobs Representing 8.3% of 240,000 Employees
16th January 2024 – Citigroup has reported $1.8 billion net loss for Q4 2023 & $9.2 billion net profit for FY2023. Citi Wealth (including Citi Private Bank & Citigold) reported net income of $5 million and Citi Banking reported net loss of $322 million for FY 2023. Citigroup is also cutting 20,000 jobs, representing 8.3% of Citigroup 240,000 employees. Citigroup current market value is $100 billion (15/1/24). Citi Wealth FY2023 Results – 1) Wealth revenues of $1.7 billion decreased 3%, driven by lower deposit spreads, partially offset by lower mortgage funding cost and higher investment fee revenues. 2) Private Bank revenues of $542 million decreased 10%, driven by lower deposit spreads and lower deposit and loan volumes, partially offset by higher investment revenue. 3) Wealth at Work revenues of $211 million increased 8%, driven by higher mortgage and investment revenue, partially offset by lower deposit revenue. 4) Citigold revenues of $918 million decreased 1%, as lower deposit spreads were partially offset by growth in investment revenue globally and higher deposit revenue in Asia. 5) Wealth operating expenses of $1.6 billion increased 4%, largely driven by investments in risk and controls and technology, partially offset by productivity savings. Wealth cost of credit was $4 million, as net credit losses of $31 million were largely offset by an ACL release for loans and unfunded commitments of $26 million. 6) Wealth net income was $5 million, as the lower revenues were largely offset by the higher expenses. In 2023, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. More info below:
Citi CEO Jane Fraser: “While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023. We restructured around five core, interconnected businesses to align our organization with our strategy and to provide greater transparency into their performance. Revenues ex-divestitures grew by 4% and we met our full-year expense guidance. We increased our CET1 ratio to 13.3%, grew our Tangible Book Value per share by 6% to $86.19, and returned $6 billion in capital to our shareholders in the form of common dividends and share buybacks. Services revenues were up 16% for the year driven by share gains and client wins.
In Markets, our fourth quarter Fixed Income results were disappointing as we saw a significant slowdown in December. We had a decent quarter in Equities, particularly in Derivatives, and saw growth in Prime balances. Investment Banking revenue continued to be impacted by a weak wallet globally while activity picked up in the fourth quarter with revenues up 27%. While investment activity in Asia rebounded during the quarter, up 21%, Wealth revenues were down in 2023 and we fully recognize that this business isn’t where it needs to be. USPB was a bright spot with every product up double-digits in the quarter and up 14% overall for the year. Given how far we are down the path of our simplification and divestures, 2024 will be a turning point as we’ll be able to completely focus on the performance of our five businesses and our Transformation. We remain confident in our ability to adapt to evolving capital and macro environments to reach our medium-term targets and return capital to our shareholders, whilst continuing the investments needed for our Transformation.”
Citigroup with 240,000 Employees Announced 300 Senior Managers Job Cuts & Management Layers Reduced from 13 Layers to 8 Layers, Reduced 15% of Functional Roles & Eliminated 60 Committees, 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser in September 2023
23rd November 2023 – Citigroup (22/11/23: $86.1 billion market value) with 240,000 employees has announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. Citigroup (20/11/23): “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Citigroup with 240,000 Employees to Announce Job Cuts & Management Changes, Announced 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser in September 2023
18th November 2023 – Citigroup (18/11/23: $86.8 billion market value) with 240,000 employees is reported to be announcing job cuts & management changes, having announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser in September 2023. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
Citigroup Announces 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser, Shahmir Khaliq as Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, Gonzalo Luchetti as Head of US Personal Banking
16th September 2023 – Citigroup has announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser, with Shahmir Khaliq appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at angel@caproasia.com or mail@caproasia.com
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
The 2025 Investment Day | 2025 Family Office Summits | Family Office Circle
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM
For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success
Register Below
Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.
Sign Up / Register
Please click on desktop.
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2025 Investment Day
- March - Hong Kong
- March - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Contact Us
For Enquiries, Membershipmail@caproasia.com, angel@caproasia.com
For Listing, Subscription
mail@caproasia.com, claire@caproasia.com
For Press Release, send to:
press@caproasia.com
For Events & Webinars
events@caproasia.com
For Media Kit, Advertising, Sponsorships, Partnerships
angel@caproasia.com
For Research, Data, Surveys, Reports
research@caproasia.com
For General Enquiries
mail@caproasia.com
a financial information technology co.
since 2014
