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At the end of 2024, Citigroup promoted more than 8,000 employees, after being on one of Wall Street on one of the biggest banks on Wall Street.
The New York lender increased 8,500 employees as part of the procedure at the end of the year to retain staff with higher performance, which is the total number of promotions for 2024 to more than 31 000, Citi said on your website. As part of this number, he also appointed 344 people for the desired role of the general director.
The Citi’s Late Years of Promotion, which was compared to previous circles, followed after a wide restructuring in which the bank decreased about 11,000 positions since the fall of 2023 and shaken its five main departments as executive director Jane Fraser seeks to achieve its main objectives of profitability.
Managers have announced to the bankers, because in November it plans to assign far fewer promotions. The group has 229,000 employees.
The revenue in all five major companies has increased last year, including a 32 percent jump in its Corporate and Investment Banking Department. Citi’s total revenue increased by 3 percent to just over $ 81 billion, while the profit increased more than a third to $ 12.7 billion.
His shares have grown by 50 percent in the last year, slightly ahead of the KBW of leading index Us bankswhich has recently increased the hope that the Donald Trump government will reduce regulation.
Citi has achieved some progress in reducing costs in 2024, and operating costs reduced by 4 percent compared to the previous year, including reducing expenses for fees and benefits of 2 percent.
The return of the bank to the tangible common capital – carefully observed metrics of profitability – was 7 percent in 2024, compared to 4.9 percent in 2023, but lower than its large peers. Citi was aimed at 11-12 percent by the end of 2026, but reduced that range to 10-11 percent in January.
In January 2024, Fraser described as a “critical year” and said that Citi’s goal of lower profitability arrived because he decided to invest significant investment to start future growth.
“I will not sacrifice the correct long -term investment in our growth and competitiveness for short -term expeditionality. This is a travel point. It’s not a destination, “Fraser told analysts in January.
