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Search resuls for: "Jane Fraser’s"


5 mentions found


☆ Citigroup is cutting 10% of its workforce in CEO Jane Fraser’s corporate overhaul
  + stars: | 2024-01-12 | by ( Hugh Son | ) www.cnbc.com   time to read: +1 min
Citigroup said it was cutting 10% of its workforce in a bid to help boost the embattled bank's results and stock price. About 20,000 employees will be let go over the "medium term," New York-based Citigroup said Friday in a slideshow tied to fourth-quarter earnings. While it wasn't immediately clear how long that is, the bank has previously used that term to denote a three- to five-year period. Citigroup CEO Jane Fraser announced a sweeping overhaul of the third-largest U.S. bank by assets in September. In November, CNBC reported that managers and consultants involved in the effort — known internally by the code name "Project Bora Bora" — discussed job cuts of 10% in several major businesses.
Persons: Jane Fraser, couldn't, — Organizations: Citigroup, U.S, CNBC Locations: New York
☆ Citigroup to cut 20,000 employees
  + stars: | 2024-01-12 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +2 min
New York CNN —Citigroup will lay off 20,000 employees over the next two years, CFO Mark Mason said Friday. The reduction comes after the company reported a $1.8 billion net loss for the fourth quarter of 2023, its worst quarter in 15 years. The bank expects the reduction in headcount to save $2.5 billion over the long-term. These layoffs are part of Citi CEO Jane Fraser’s years-long effort to cut red tape at the company and boost lagging profits. Citigroup CEO Jane Fraser first announced her sweeping restructuring efforts last September.
Persons: Mark Mason, Jane Fraser’s, Fraser, ”, Manson, Jane Fraser, “ We’ll, ” Fraser Organizations: New, New York CNN, Citigroup, FactSet, Citi Locations: New York, Argentina
☆ Citigroup Makes Fresh Round of Layoffs in Jane Fraser’s Restructuring Plan
  + stars: | 2023-11-20 | by ( David Benoit | ) www.wsj.com   time to read: 1 min
Citigroup’s layoffs are part of Chief Executive Jane Fraser’s efforts to streamline the global bank. Photo: Lam Yik/Bloomberg NewsCitigroup began making an extensive round of layoffs and organizational changes, part of Chief Executive Jane Fraser ’s efforts to streamline the sprawling global bank. The bank on Monday didn’t say how many employees were due to be cut on Monday and it hasn’t set a target for total layoffs. Instead, Fraser in September ordered her subordinates to remake their teams for a new alignment she devised and then cut positions that no longer were needed.
Persons: Jane Fraser’s, Lam Yik, Jane Fraser ’, Fraser Organizations: Bloomberg News Citigroup
☆ Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul
  + stars: | 2023-11-15 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
Jane Fraser, CEO of Citigroup Inc., during an interview for an episode of "The David Rubenstein Show: Peer-to-Peer Conversations" at the Economic Club of Washington in Washington, D.C., March 22, 2023. Citigroup will soon begin layoffs in CEO Jane Fraser's corporate overhaul, CNBC has learned. Those impacted will include chiefs of staff, managing directors and some lower-level employees, said the people. She announced five new divisions whose heads report directly to her, resulting in the departure of a handful of senior executives. Fraser is under pressure to improve Citigroup, which has been mired in a stock slump as headcount and expenses have ballooned in recent years.
Persons: Jane Fraser, David Rubenstein, Jane, Fraser, We've Organizations: Citigroup Inc, Economic, of Washington, Washington , D.C, Citigroup, CNBC, Employees, Workers, CNBC PRO Locations: Washington ,
☆ 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
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