Citi's Crypto Division Revenue Dips, Layoffs Underway

Banking giant Citi on Friday reported a net loss of $1.8 billion for the fourth quarter of 2023 as compared to a year ago profit of $2.5 billion. The bank also said that it plans to reduce its headcount in the future. The revenue for the quarter of Citi’s wealth segment, which contains its crypto arm saw a decline of 3% to $1.7 billion.