Citigroup, an American banking conglomerate employing nearly 240,000 staff worldwide, announced plans to cut 20,000 jobs as part of a restructuring plan. 

The multinational firm, which ranks among the most prestigious and desirable financial institutions for business school students, aims to complete the cuts by the end of 2026. 

The news comes as Citigroup chief executive Jane Fraser attempts to navigate ongoing financial difficulties—the firm reported a $1.8 billion loss in the fourth quarter of 2023. 

During a presentation revealing the plans, chief financial officer Mark Mason highlighted Citigroup’s plans to cut expenses by $2.5 billion in the medium term, with the cuts contributing to that figure. 

While it’s unclear how the cuts will be targeted across the organization, Citigroup revealed a layer of changes in November that focused senior jobs. Moving forward, more roles will be placed under review with junior jobs likely to become a focus. 

As part of a radical restructuring plan led by Fraser, the American banking group plans to remove five layers of its management structure.