“These are very high debt numbers … Usually you have to have like a great recession or a depression to have or war to have numbers like that,” Dimon said.

20,000 layoffs, 14 markets exited, one flatter bank—Jane Fraser’s Citi playbook is working. Wall Street wants to know what’s next.

Around 41% of employees say their companies trimmed management layers last year, according to Korn Ferry.