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Citigroup promoted more than 8,000 employees at the end of 2024, after a sweeping restructuring at one of the largest banks in Wall Street.
The New York lender raised 8,500 employees as part of the end of the year to retain high performance employees, which raised the total number of promotional offers to 2024 to more than 31,000, City He said on his website. As part of this number, he also appointed 344 people for the roles of the desired general manager.
The CITI engine came in late year, which was equal to the previous rounds, after a wide restructuring as the bank reduced about 11,000 jobs since the fall of 2023 and shakes its five main sections as CEO Jane Fraser It seeks to reach its initial profitability.
The managers have referred to bankers recently, as November planned to grant much fewer promotions. The group has 229,000 employees.
Revenue increased in all major City works last year, including a 32 percent jump in its banking and investment department. CITI's total revenue increased by 3 percent to a little more than $ 81 billion, while profits rose more than a third to $ 12.7 billion.
Its shares increased by 50 percent over the past year, ahead of the KBW leadership index American banksThe recently strengthened in the hope that the Donald Trump government will reduce regulations.
CITI made some progress in reducing costs in 2024, with operating expenses decreased by 4 percent compared to the previous year, including a decrease of 2 percent in rewards and benefits expenses.
The bank's revenue on concrete joint property rights – the profitability scale closely monitored – 7 percent in 2024, reached an increase of 4.9 percent in 2023, but less than its great peers. CITI targeted 11-12 percent by the end of 2026, but it reduced this range to 10-11 per cent in January.
Fraser described in January 2024 as a “critical year” and said that the low goal of profitability in City came because he chose to make significant investments to advance growth in the future.
“I will not sacrifice the appropriate investments in the long term in our growth and competitiveness for utilitarianism in the short term. This is the point of road. Fraser told analysts in January:” It is not a destination. “
