On Friday, U.S. financial services firm Citigroup announced its plans to layoff around 10% of its global workforce.
Approximately 20,000 Citigroup employees will be affected by the staffing slashes across the next three to five years, said the firm.
Citigroup is expected to implement its next round of layoffs on Jan. 22.
The move comes as Citigroup CEO Jane Fraser attempts to reposition the firm’s value among the largest U.S. banks.
