Citigroup Inc (NYSE:C) stock fell 0.96% (As on January 12, 11:20:56 AM UTC-4, Source: Google Finance) after the company will cut 20,000 jobs over the next two years, the bank said after reporting a $1.8 billion quarterly loss driven by a string of one-off charges. The lender will reduce its global workforce of 239,000 by 20,000 through 2026, including layoffs from the sweeping reorganization. Citi also expects to no longer count 40,000 jobs when it spins off and lists its Mexican consumer unit Banamex in an eventual initial public offering. Given the headcount reduction and separation of Banamex, it aims to reach a staffing level of 180,000 employees. Further, the loss was driven by $3.8 billion in charges disclosed in a filing on Wednesday that included reorganization expenses, a reserve related to currency devaluations and instability in Argentina and Russia and a $1.7 billion payment to replenish a government deposit insurance fund.

C in the fourth quarter of FY 23 has reported the adjusted earnings per share of 84 cents, beating the analysts’ estimates for the adjusted earnings per share of 73 cents, according to Zacks Investment Research. The company had reported 3 percent fall in the adjusted revenue growth to $17.44 billion in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $18.66 billion. It was the first time the bank broke out earnings for its five businesses — services, markets, banking, U.S. personal banking and wealth, which were previously housed under broader divisions. Under the new structure, the leaders of Citi’s five major businesses will report directly to the CEO. It will also cut regional leadership role outside North America.

Revenue from markets, or the trading division, dropped 19% to $3.4 billion from a year earlier. It was dragged lower by a 25% plunge in fixed income revenue from sluggish rates and currency markets, as well as losses from Argentina. In contrast, banking revenue climbed 22% to $949 million, led by higher investment banking fees for debt capital markets and advisory work that offset a slide in corporate lending. In U.S. personal banking, revenue climbed 12% to $4.9 billion, lifted by retail banking and credit cards. But consumers have begun to show signs of stress, prompting Citi to set aside more money to cover losses on souring loans.

The bank expects to report between $700 million and $1 billion in charges this year related to severance costs and the reorganization.