Citigroup Sells Most Non-US Consumer Businesses as Its Biggest Overhaul Progresses

By Jace Dela Cruz

Mar 20, 2024 12:20 AM EDT

Amid its most extensive restructuring effort in over 20 years to slash costs and boost profitability, Citigroup has sold its non-US consumer business operations in nine out of 14 regions and "substantially wound down" three more in Korea, Russia, and China.

Citigroup Reports $1.8 Billion 4th Quarter Earnings Loss — NEW YORK, NEW YORK - JANUARY 12: The Citibank logo is seen on a bank on Third Avenue on January 12, 2024 in New York City. Citigroup will be cutting 20,000 jobs over the next two years after reporting a $1.8 billion loss for the fourth quarter of last year.
(Photo : Michael M. Santiago/Getty Images)

Citigroup Set to Launch IPO for its Mexican Consumer Business

According to Reuters, the US-based bank revealed in a regulatory filing on Tuesday that it remains on track to launch an initial public offering (IPO) for its Mexican consumer business by 2025. Citigroup said it has also resumed the sale process for its Polish consumer business.

Citigroup CEO Jane Fraser disclosed in a New York conference earlier this month that the bank's comprehensive reorganization would be finalized by the end of the month.

This overhaul involves streamlining its operations into five distinct businesses, eliminating certain committees, and reducing redundancy in roles.

Sweeping Overhaul of Citigroup

As part of the restructuring, the bank has adjusted the compensation of its chief financial officer, Mark Mason, reducing it by 5% to $13.3 million in 2023, as shown in the March 19 filing.

With a workforce of 239,000 employees across 90 countries as of December 2023, Citigroup has reduced its headcount by 1,000 compared to the previous year.

The bank aims to trim its global workforce further by 20,000, which will comprise approximately 8% of its total headcount over the next two years.