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☆ Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called 'Project Bora Bora'
▼ + stars: | 2023-11-06 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

Fraser is under mounting pressure to fix Citigroup, a global bank so difficult to manage that its challenges consumed three predecessors dating back to 2007. Stock Chart Icon Stock chart icon Citigroup's stock has been mired in a slump under CEO Jane Fraser. While competitors have been cutting jobs this year, Citigroup's staff levels remained at 240,000. That leaves Citigroup with the biggest workforce of any American bank except the larger and far more profitable JPMorgan. Executives will see cuts beyond 10% because of Fraser's push to eliminate regional managers, co-heads and others with overlapping responsibilities, they said.

Persons: Citigroup Jane Fraser, Alex Wong, Jane Fraser, Fraser, JPMorgan Chase, James Shanahan, Edward Jones, Mike Corbat, they'll, Mike Mayo, Titi Cole, Citigroup's, Cole, Wells, I'm, Dana Neibert Organizations: Citigroup, Financial Services, Rayburn House, JPMorgan, Citi, Bank of America, Boston Consulting, Bank, Getty, Operations Locations: Washington , DC, U.S, Wells Fargo, Tahiti, Polynesia

☆ Yellen to meet with Jamie Dimon and other bank CEOs on Thursday as debt ceiling crisis looms
▼ + stars: | 2023-05-16 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —With time running out to reach a deal on the debt ceiling, Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington, sources tell CNN. JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser plan to attend the Yellen meeting, which will very likely include a focus on the debt ceiling as well as the banking crisis, people familiar with the matter told CNN. As the White House and Republican leaders struggle to reach a deal on the debt ceiling, Yellen has stepped up her warnings about the economic stakes. The debt ceiling is not necessarily the focus of the meeting, which will also include regional bank CEOs at a time when that industry is in turmoil. Yellen is also likely not the only figure from Washington who will speak before the bank CEOs this week.

☆ Citigroup faulted by U.S. banking regulators for poor data management in 'living will' review
▼ + stars: | 2022-11-23 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

Citigroup needs to address weaknesses in how it manages financial data, according to a review of the biggest banks' so-called living will plans, U.S. banking regulators said Wednesday. For the latest review, Citigroup was the only bank among the eight institutions that was found to have a shortcoming in its resolution plan, the regulators noted. Fraser has said that one of her main priorities was to address regulators' concerns and regain credibility with investors. In a statement, Citigroup said it was "completely committed" to addressing the shortcoming found in its 2021 resolution plan. "As part of the transformation Citi has embarked upon, we are making significant investments in our data integrity and data management, as the letter notes," the bank said.

☆ Wall Street CEOs Uncertain Fed Can Achieve Soft Landing
▼ + stars: | 2022-09-21 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—The heads of the largest U.S. banks expressed concerns about the state of the U.S. economy as they began two days of questioning Wednesday from Congress. Bank chief executives, including JPMorgan Chase & Co.’s Jamie Dimon , Citigroup Jane Fraser and Wells Fargo & Co.’s Charles Scharf , offered a favorable picture of an industry they say helped the economy recover from a pandemic-induced recession while warning of risks on the horizon.

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