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Citigroup promoted more than 8,000 employees at the end of 2024, following a sweeping restructuring in one of the largest banks in Wall Street.
The lender based in New York has raised 8,500 employees as part of its end -of -year process to keep more efficient staff, bearing the total number of promotions for 2024 to more than 31,000, said Citi on his website . As part of this count, he also appointed 344 people to the roles of coveted managing director.
The Drive of Citi’s end -of -year promotions, which was tied with the previous towers, came after a large restructuring in which the bank reduced approximately 11,000 positions since the fall of 2023 and has shaken its five main divisions then that the director general Jane Fraser seeks to reach her main target profitability.
The managers had signed to bankers as recently as November planned to award much fewer promotions. The group has 229,000 employees.
Revenues in the five main CITI companies increased last year, including a 32% increase in its division of business and investment banks. Citi’s overall revenues increased by 3% to just over $ 81 billion, while profits increased by more than a third to $ 12.7 billion.
Its shares have increased by 50% in the past year, slightly ahead of the KBW index of the main American banks, which has recently been strengthened by the hope that the government of Donald Trump will reduce the regulations.
Citi increased on cost reduction in 2024, with operating expenses down 4% compared to the previous year, including a reduction of 2% of remuneration expenses and staff benefits.
Bank’s yield on tangible equity – a closely monitored metric of profitability – was 7% in 2024, compared to 4.9% in 2023, but lower than its large peers. Citi had targeted 11-12% by the end of 2026, but reduced this range to 10-11% in January.
Fraser in January described 2024 as a “critical year” and said that Citi’s lower profitability objective came when he chose to make significant investments to stimulate future growth.
“I will not sacrifice the right long -term investments in our growth and our competitiveness for short -term opportunity. It is a waypoint. It is not a destination, ”said analysts in January.
