Citi profits hit by Russia charge as CEO Jane Fraser warns of job cuts

Citigroup’s fourth-quarter profit plunged 13% as the financial behemoth grappled with massive charges from dumping its Russia operations amid the war in Ukraine, as CEO Jane Fraser warned of more job cuts to come.The New York powerhouse posted net income, which is profit after taxes and expenses, of $2.5 billion for October through December, down from $2.9 billion a year prior, just days after reports emerged that the bank plans to slash 1,000 positions.“We are not graded on effort,” CEO Jane Fraser wrote to staffers.“We are judged on our results.

And I expect to see the last vestiges of old, bad habits fall away, and a more disciplined, more confident, winning Citi emerge in 2026.”“Over time, we can expect automation, AI, and further process simplification to reshape how work gets done.Some roles will change, new ones will emerge and others will no longer be required,” the Scotland-born boss added.The memo was first reported by Bloomberg News.Meanwhile, the lender’s revenues, the total haul from operations, inched up 2% to $19.9 billion, while diluted earnings per share, a go-to metric for per-stock profitability, slid 11% to $1.19.The lender pointed to a $1.2 billion dent in profits after booking its Russian assets as being prepped for sale as Western firms continue to exit the heavily-sanctioned Russian market.Citi’s board approved the sale of its Russian unit, AO Citibank, to Renaissance Capital last month, resulting in the pre-tax loss that the company said was largely related to currency headwinds.Strip out those one-offs, and adjusted net income soared to $3.6 billion for the final quarter of 2025, while net income for the whole year leaped 13% to $14.3 billion on revenues of $85.2 billion, up 6% from 2024.But there appears to be renewed optimism on Wall Street to strike deals amid a more accommodating regulatory environment that is lifting fee income for lenders advising on mergers and capital raisings.Citigroup said its own investment ba...