"Citi currently has 239,000 staff across the world. The lender plans to reduce this by 20,000 as part of a reorganisation, Mason said.

Executives ultimately expect the workforce to shrink to about 180,000 employees, as the upcoming listing of Banamex, Citi’s Mexican consumer division, is also set to reduce staffing levels by about 40,000.

As the latest quarterly earnings season got under way on Wall Street on Friday, Citi posted a $1.8bn loss for the fourth quarter, after recording a string of one-off charges and expenses – $3.8bn in total – tied to its restructuring, retreat from Russia and exposure to Argentina."