Citigroup hands out 8,500 year-end promotions

In the Unlock the Editor’s Digest, Roula Khalaf, Editor of the FT, selects her favorite stories each week. Citigroup promoted over 8,000 employees at the end of 2024 after a restructuring, with a total of 31,000 promotions for the year and 344 new managing directors. Despite cutting 11,000 positions, Citi saw revenue growth in all main businesses, a 3% increase to $81bn, and profits up 33% to $12.7bn, aiming for a 10-11% return on tangible common equity by 2026.

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