Citigroup's Q1 2024 profit fell to $3.4bn due to increased severance payments and government deposit fund costs.

Citigroup's Q1 2024 profit fell to $3.4bn as the bank spent more on severance payments for laid-off employees and set aside money to refill a government deposit insurance fund. Net income fell to $3.4bn (€3.2bn) or $1.58 (€1.48) per share, compared to $4.6bn (€4.3bn) or $2.19 (€2.04) per share in Q1 2023. The bank's reorganization under CEO Jane Fraser, which began in September 2022 aimed at simplifying the bank and improving its performance, resulted in costs rising to $14.2bn.