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 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.
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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.
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