City Group comes out 8,500 promotional offers at the end of the year

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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.

City said on its website that the New York lender raised 8,500 employees as part of his operation at the end of the year to maintain high performance staff, which raised the total number of promotions for 2024 to more than 31000. As part of this number, he also appointed 344 people for roles The desirable general manager.

Drive came upgrades at the end of the year in Citi, which was equal to the previous rounds, after a wide restructuring as the bank has cut about 11,000 jobs since the fall of 2023 and shakes its five main sections as CEO Jane Fraser seeks to reach its initial profit.

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 index for the leading American banks, which were 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. “