On Friday, January 12th Eastern Time, several major Wall Street firms announced their Q4 2023 performance.
The financial report shows that Citigroup turned from profit to loss in the fourth quarter, with the CEO stating that the quarter's performance "looks very bad" and "extremely disappointing". The bank's revenue decreased by 3% year-on-year to $17.44 billion, falling short of analysts' expectations of $18.74 billion.
According to China Fund News, in addition, Citigroup announced that it will lay off 20000 employees in the next two years, expected to save up to $2.5 billion in funds.
As of the close of January 12th Eastern Time, Citigroup was trading at $52.62, up 1.04%. After the financial report was released, Citigroup fell 0.32% after hours.
According to previous reports from Interface News, Citigroup issued a statement on September 13, 2023, announcing plans to lay off employees and restructure its senior management structure.
According to the statement, Citigroup will operate according to its five major businesses and will no longer be managed by three regional leaders in approximately 160 countries worldwide. Specifically, Citigroup will focus on five major operational departments, including the services department led by Shahmir Khaliq, the trading department led by Andy Morton, and the US personal banking department led by Gonzalo Luchetti. In addition, Peter Babej will temporarily take over the banking department, while Andy Sieg will leave Bank of America later this month to join Citigroup and lead the group's wealth management business.
The above 5 people will all join the executive management team of Citigroup CEO Fan Jieen, expanding the team size to 19 people, including Ernesto Torres Cantu, the head of international business, and Sunil Garg, who will continue to oversee North American business.
When it comes to layoffs, Citigroup stated, "As Citigroup quickly transitions through this new model, the company is committed to retaining the best talent while providing support for departing employees."
According to public information, in 1955, Citibank New York merged with First Bank of New York and was renamed First Citibank New York. In 1962, it was renamed First Citibank and in 1967, it was renamed Citigroup Corporation. Headquartered in New York. In 1998, it merged with Traveler Group to form Citigroup, becoming the world's largest financial services company.
Citigroup is the first financial group in the United States to integrate various financial services such as commercial banking, investment banking, insurance, mutual funds, securities trading, etc. After the merger, Citigroup's total assets reached 700 billion US dollars, with a net income of 50 billion US dollars. It has 100 million customers in 100 countries and approximately 60 million credit card issuances.
According to public reports, JPMorgan Chase's fourth quarter revenue was $38.574 billion, a year-on-year increase of 12%, lower than analyst expectations of $39.78 billion, with a net profit of $9.31 billion, a 15% decrease from $11 billion in the same period last year, but still the most profitable year in history.
Bank of America's fourth quarter revenue was $22 billion, lower than analyst expectations of $23.7 billion, and net profit was $3.1 billion, lower than analyst expectations of $4.38 billion. Compared to the same period last year, the amount of 7.13 billion US dollars was directly halved.
As of the close, JPMorgan Chase fell 0.73%, Goldman Sachs fell 0.51%, Morgan Stanley fell 0.91%, Bank of America fell 1.09%, and Wells Fargo fell 3.3%.
Daily Economic News Comprehensive China Fund News, Interface News, and publicly available market information
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