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Jan 15, 2024 • 4 min read

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Turkish Airstrikes
Citigroup Layoffs

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Turkish Airstrikes:

On Saturday, Turkey's defense ministry announced airstrikes conducted in Iraq and Syria, targeting Kurdish militant sites. This military action was a direct response to a recent attack on a Turkish military base in Iraq's Kurdish region, which resulted in the deaths of nine Turkish soldiers.
The Turkish airstrikes targeted specific areas in Metina, Hakurk, Gara, and Qandil in northern Iraq. Following these attacks, Turkey reported eliminating a considerable number of militants: 36 in Iraq and 9 in Syria within a 24-hour timeframe. The airstrikes were focused on dismantling militant infrastructure, including caves, bunkers, shelters, and oil facilities.
The strikes aimed to prevent further terrorist activities against Turkish citizens and ensure the security of Turkey's borders. However, while the Turkish defense ministry provided details on the locations targeted in Iraq, the areas hit in Syria were not specified in their statement.

Citigroup Layoffs:

On Friday, Citigroup announced a significant workforce reduction aiming to cut 20,000 jobs over the next two years. This decision, part of a broader corporate reorganization to enhance profitability, was revealed following the bank’s report of a substantial loss in its fourth-quarter results.
By 2026, Citigroup's employee count is expected to decrease from 240,000 at the end of 2022 to about 180,000, partly due to the planned spinoff of its Mexican subsidiary, Banamex. The financial report for the fourth quarter showed a notable downturn, with Citigroup incurring a loss of $1.9 billion, a significant contrast to the $2.5 billion profit in the same period in 2022.
Revenues also dipped by three percent to $17.4 billion. The reported loss includes several significant expenses, such as $780 million allocated for severance and reorganization, aligning with the planned job cuts. Other financial impacts include a $1.7 billion contribution to the FDIC emergency fund and $1.3 billion in reserves for risks in Argentina and Russia, as well as an $880 million loss from the devaluation of the Argentine peso.
Under the leadership of CEO Jane Fraser, Citigroup is undergoing a major transformation, transitioning its business structure from two to five lines and reducing its global consumer banking presence. This reorganization is aimed at creating a more agile and efficient firm, better positioned to respond to market changes and serve clients effectively. The announcement on Friday marks a significant shift for Citigroup, reflecting the ongoing changes in the global banking landscape.

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