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Citigroup promoted more than 8,000 employees at the end of 2024, after a radical restructuring in one of the largest banks in Wall Street.
New York headquarters raised to 8,500 employees as part of their year -end process to retain higher performance staff, raising the total number of promotions by 2024 to more than 31,000, CITI said on its website. As part of that count, he also appointed 344 people to covet roles of the managing director.
The Promotions Unit at the end of the year of Citi, which was at the same time with the previous rounds, occurred after a wide restructuring in which the bank reduced around 11,000 positions from the fall of 2023 and shook its five main divisions when Executive director Jane Fraser seeks to achieve her main profitability. goals.
The managers had indicated the bankers as recently as November plans to grant much less promotions. The group has 229,000 employees.
Revenue in the five main companies of CITI increased last year, including a 32 percent jump in their corporate banking and investment division. Citi’s general revenues increased 3 percent more than $ 81 billion by 3 percent, while earnings increased more than a third to $ 12.7 billion.
Their actions have increased by 50 percent during the past year, slightly ahead of the KBW index of the main US banks, which has recently been promoted with the hope that Donald Trump’s government cuts the regulation.
Citi made some progress in reducing costs in 2024, with operating expenses 4 percent compared to the previous year, including a 2 percent reduction in expenses for remuneration and staff benefits.
Bank’s performance on tangible common heritage, an observed profitability metric, was 7 percent in 2024, compared to 4.9 percent in 2023, but lower than its great peers. Citi had pointed at 11-12 percent at the end of 2026, but reduced that range to 10-11 percent in January.
Fraser, in January, described 2024 as a “critical year” and said that Citi’s lowest profitability objective occurred, since he decided to make significant investments to boost future growth.
“I will not sacrifice the right -term correct investments in our growth and competitiveness for short -term convenience. This is a reference point. It is not a destination, ”Fraser told analysts in January.
