From Dow Jones & Company:

Citigroup Inc. stock rose after it announced that it would cut 20,000 jobs by 2026 as part of a restructuring effort. The bank’s fourth-quarter net loss was $1.8 billion, and it reported a revenue of $18.37 billion, a 2% increase. Direct staff fell by 1,000 to 239,000 as of Dec. 31. Citigroup expects a 2024 revenue of $80 billion to $81 billion, higher than the $79.5 billion analyst estimate. The layoffs are reflecting a difficult year for the bank, but financial experts and portfolio managers expect that the restructuring plan will improve the bank’s growth. Other banks, such as JPMorgan Chase & Co., Wells Fargo & Co., and Bank of America Corp. also released their results.



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