“Over the medium term, between simplification, benefits of the transformation, stranded costs and other productivity efforts, we expect to eliminate 20,000 positions ex-Mexico, resulting in over $2 billion in run rate saves.”

In context

“began the most consequential series of changes to the organization and the running of our firm since the aftermath of the financial crisis. We restructured around five core interconnected businesses to align our organization to our business strategy and to provide greater transparency into their performance. You can now see in our financials, the full year returns and P&L by business. While they are all impacted by investments and transformation expense, it is clear where we have work to do. The simplification of our organization structure will conclude at the end of the first quarter and will result in over $1 billion of run rate saves from the net elimination of approximately 5,000 roles mainly managers. As Mark will detail, this will contribute to the reduction of our expenses in '24. Over the medium term, between simplification, benefits of the transformation, stranded costs and other productivity efforts, we expect to eliminate 20,000 positions ex-Mexico, resulting in over $2 billion in run rate saves. Simplification is also enabling Citi to be more client-focused and less bureaucratic. Realizing the synergies between our five businesses is one of the key drivers to achieving our medium-term revenue target. With this new structure, I'm holding my business leaders accountable for enhancing connectivity across clients and products. In addition, having a Chief Client Officer Act to ensure we're disciplined in bringing the full power of our franchise to our clients. We have now completed the divestitures of nine of our 14 international consumer franchises and have wound down nearly 70% of our total retail loans and deposits in Russia, Korea and China. We've restarted the sales process in Poland and a well down the execution path for the Mexico IPO next year. We're exiting marginal businesse”