Citigroup Earmarks $600 Million in Severance for Fresh Job Cuts

Citigroup Inc. is planning to reserve $600 million for severance payments in 2025 as it continues to trim its workforce and cut expenses, according to Chief Financial Officer Mark Mason.

The $600 million figure is down about 14% from last year, when the bank shed more than 10,000 jobs. Typically, Mason said, severance costs would hover around $300 million.

The New York-based bank is about halfway through a years-long reorganization that it initially anticipated would cull 20,000jobs globally. Part of the overhaul includes investments in technology that would, Mason said, “allow us to eliminate manual processes.”

The cuts ...