DIRS.INFO The most relevant business & tech news

☆ Citigroup earnings top estimates, boosted by investment banking
▼ + stars: | 2024-10-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Citigroup reported third-quarter results before the opening bell on Tuesday that topped Wall Street expectations, with growth in investment banking and wealth management. Wealth revenue rose 9%. Net income fell to $3.2 billion, or $1.51 per share, from $3.5 billion, or $1.63 per share, a year earlier. Citigroup CEO Jane Fraser took over in March 2021 and has focused on slimming down the bank during her tenure. The other major banks that have reported third-quarter results so far have also beaten earnings expectations, including Goldman Sachs and JPMorgan Chase.

Persons: LSEG, Jane Fraser, Fraser, outperforming, Goldman Sachs Organizations: Citibank, Citigroup, Wall, JPMorgan Chase Locations: Canada, Wharf, London

☆ Meet the executive tasked with Citi's hardest challenge: getting the bank's house in order
▼ + stars: | 2024-10-09 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +18 min

For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. To do so, he has to solve for Citi's decades of underinvestment in its infrastructure, which affects every business line of the bank. Under Selva, Citi was the No. Related stories"The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. Courtesy of CitiBringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense.

Persons: Jane Fraser, Anand Selva, Selva, Sen, Elizabeth Warren, We've, Fraser, Gonzalo Luchetti, Luchetti, Kathleen Martin, Martin, Mike Mayo, Tim Ryan, Mayo, Vernon Yuen, Adora Tidalgo, Anand, Jim O'Donnell, Win McNamee, Andy Sieg, Tidalgo, Phil Waxelbaum, Jeffrey Warren, Ryan, Warren, Ashutosh Nawani, Japan Mehta, Mehta, Nawani, Tom Williams, Timothy Coffey, Janney Montgomery Scott, they've, Stephen Biggar Organizations: Citigroup, Citi, Federal Reserve, Currency, OCC, Business, underperformance, BI, Citi ., Coimbatore Institute of Technology, Madurai Kamaraj University, Asia Pacific, divesting, Employees, Merrill Wealth Management, PricewaterhouseCoopers, Russell Reynolds Associates, Securities, Exchange Commission, Bloomberg, Getty, Argus Research Locations: Selva, Chennai, India, Asia, who's, Wells, Madurai, Coimbatore, China, Singapore, New York, Fraser, Europe, Ryan

☆ What a Blue Zone heart doctor eats every week for brain health — including 1 supplement
▼ + stars: | 2024-09-23 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +7 min

Not all of them make it to 100, but they do tend to enjoy relatively good health for longer than most people in the US. He has developed a two-part weekly plan for his own brain health based on his own research. AdvertisementThis doesn't mean that the average meat-eater's diet is a boon for brain health. Fatty fish, meat, and eggs are also rich in the nutrient choline. Plus, in addition to being good for bone health, there is some evidence that vitamin D is good for preserving brain function.

Persons: —, there's, Gary Fraser, Fraser, what's, it's, Anthony Fauci, you'd Organizations: Service, Business Locations: Linda , California, North America, Loma, California, Fraser

☆ Eating fish or meat could protect your brain as you age
▼ + stars: | 2024-09-23 | by ( Hilary Brueck | ) www.businessinsider.com time to read: +7 min

Not all of them make it to 100, but they do tend to enjoy relatively good health for longer than most people in the US. He has developed a two-part weekly plan for his own brain health based on his own research. AdvertisementThis doesn't mean that the average meat-eater's diet is a boon for brain health. It doesn't tend to include much of any red meat or milk, but there are two core components he points to that are aimed at preserving brain health. Fatty fish, meat, and eggs are also rich in the nutrient choline.

Persons: —, there's, Gary Fraser, Fraser, what's, it's, Anthony Fauci, you'd Organizations: Service, Business Locations: Linda , California, North America, Loma, California, Fraser

☆ Rumer Willis reveals the group chat she and her sisters have with mom Demi Moore during her career revival
▼ + stars: | 2024-05-30 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +2 min

At the Cannes Film Festival earlier this month, Moore's latest movie, "The Substance," received a 13-minute standing ovation. And Moore's three daughters — Rumer, 35, Scout, 32, and Tallulah, 30 — are here for all the praise. Advertisement(L-R) Rumer Willis, father Bruce Willis, sister Tallulah Willis, mother Demi Moore, and sister Scout Willis. Getty"We have a thread that we call 'Lineage of Females' that has all my sisters and I on it, and we don't see the looks she's going to do, so when we do, we're like, 'Oh my god, mom, mom, mom, this is amazing, you look iconic! Moore, 61, who had her daughters while married to Bruce Willis before they divorced, found fame in the 1980s.

Persons: —, Matthew McConaughey's, Brendan Fraser's, Demi Moore's, Moore's, Margaret Qualley, Dennis Quaid, didn't, — Rumer, Rumer, Rumer Willis, Bruce Willis, Tallulah Willis, Demi Moore, Scout Willis, Getty, Jenna Bush Hager, Matthew McConaughey, Moore Organizations: Service, Cannes Film, Business, York Locations: Tallulah, South, France, Elmo's

☆ Jim Cramer ranks first-quarter earnings from 6 major U.S. banks. Our portfolio stocks fared well
▼ + stars: | 2024-04-20 | by ( Morgan Chittum | ) www.cnbc.com time to read: +12 min

Morgan Stanley Revenue rose 4% year over year to $15.14 billion, beating expectations of $14.41 billion, according to data compiled by LSEG. C YTD mountain Citigroup (C) year-to-date performance Citigroup had a decent quarter, Jim said. Jim said BofA just didn't shine versus the other major banks, and on earnings day Wall Street agreed, sending the stock down 3.5%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer, Jim, Morgan Stanley, Goldman Sachs, Wells Fargo, Here's, Morgan Stanley's, Ted Pick, Pick, Goldman, Charlie Scharf, He's, Scharf, Wells, Jane Fraser's, BofA, Jamie Dimon, Jim Cramer's, JPMorgan Organizations: Citigroup, Bank of America, JPMorgan Chase, Investment, Morgan, Morgan Stanley Revenue, LSEG, Wealth, Goldman, Wells, Management, Silicon Valley Bank, Club, Citigroup Revenue, Citi, Bank of America Revenue, Bank, of, JPMorgan Chase Revenue, JPMorgan, CNBC, Citibank, Reuters Locations: Goldman Sachs, Wells Fargo, Silicon, buybacks, Wells

☆ Citigroup just boosted its CEO's pay to $26 million even as it plans to slash thousands of jobs
▼ + stars: | 2024-02-21 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +1 min

Citigroup CEO Jane Fraser received a 6% compensation increase in 2023, totaling $26 million. The raise comes as Citigroup plans to cut 20,000 jobs over the next few years. AdvertisementCitigroup CEO Jane Fraser received a 6% pay boost in 2023, a new SEC filing shows, as the banking giant prepares to slash thousands of jobs over the next few years. Fraser received $26 million in 2023; most of her pay comprised performance-based stocks and cash incentives. According to the filing, Citigroup concluded that Fraser implemented the "most consequential set of changes to its organizational and management model since the 2008 financial crisis."

Persons: Jane Fraser, —, Fraser Organizations: Citigroup, Service, SEC, Business

☆ Here are Wednesday's biggest analyst calls: Tesla, Nvidia, Arm, Citi, Walmart, First Solar, Ulta, GE & more
▼ + stars: | 2024-02-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

UBS downgrades Waste Management to neutral from buy UBS said the trash company has a "lofty" valuation. Citi reiterates Nvidia as buy Citi said its standing by its buy rating heading into earnings next week. " UBS upgrades HF Sinclair to buy from neutral UBS said the refiner is underappreciated. UBS upgrades Huntington Bancshares to buy from neutral UBS said it sees "strong strategic positioning" for the regional bank. Citi downgrades GlobalFoundries to neutral from buy Citi downgraded the semi company following earnings on Tuesday.

Persons: Wells, Redburn, Morgan Stanley, Tesla, it's, Piper Sandler, Piper, Jane Fraser's, Q, BRKRs, BRKR, DINO, D.A, Davidson downgrades Airbnb, Evercore, GlobalFoundries, Bernstein, Wingstop Organizations: Wells, RBC, Enphase Energy, Shoals Technologies, SolarEdge Technologies, UBS downgrades Waste Management, UBS, Citi, Nvidia, JPMorgan, Sinclair, diesel, Deutsche Bank, General, Deutsche, GE, ABNB, ABNB's, Walmart, ISI, Huntington, HSBC, Palantir, HP, Bank of America, of America, Design Systems, Rivals Locations: EBITDA

☆ Top analyst Mike Mayo turns bullish on Citigroup with Warren Buffett as an influential investor
▼ + stars: | 2024-01-22 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Widely followed bank analyst Mike Mayo named Citigroup his top pick, saying he realized the embattled bank is under the influence of none other than Warren Buffett. "Until now, it was unclear to us and many investors whether this Citi stake was really a 'Warren Buffett investment' vs. somebody else at his firm. Earlier this month, Citigroup cut 10% of its workforce in a bid to boost the bank's results and stock price. C 1Y mountain Citigroup Mayo said Buffett seems to support his belief that Citigroup's overhaul could make a significant difference this time around. "Warren Buffett supports the CEO's restructuring.

Persons: Mike Mayo, Warren Buffett, Wells Fargo's Mayo, Buffett, Berkshire Hathaway, Jane Fraser, Omaha hasn't, Mayo, Goldman Sachs, Brian Moynihan, Fraser, couldn't, Citigroup Mayo Organizations: Citigroup, Reuters, Berkshire, Citi, U.S . Bancorp, JPMorgan, Bank of America, Apple, CNBC, U.S Locations: Omaha, Mayo, Berkshire, Wells Fargo, Bank

☆ These cheap stocks with upside could be the next bull market winners
▼ + stars: | 2024-01-19 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Wall Street is on the verge of confirming a new bull market has begun, and these stocks could be the next big winners. Here's the criteria: Average analysts' forecasts imply at least 15% upside moving forward. Average analysts' forecasts imply more than 15% upside moving forward. Analysts think the stock can climb even higher, with their average forecasts implying nearly 22% upside moving forward. Analysts forecast a further 21% upside moving forward.

Persons: Stocks, Jane Fraser's, Conor Cunningham, Wells Organizations: Nasdaq, CNBC, Financial, Citigroup, Citi, Shipping, FedEx, Analysts, Melius Research, JBL, L3Harris Technologies

☆ CNBC Daily Open: Big Bank earnings point to a grim season
▼ + stars: | 2024-01-15 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

Win Mcnamee | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineFourth-quarter earnings have officially begun with four of Wall Street's top six banks reporting rather bleak results. JPMorgan Chase, the biggest U.S. bank by assets, paid a sizeable fee linked to the government seizures associated with regional banking crisis last March, which impacted its earnings. Citigroup has lagged its Wall Street peers since the 2008 financial crisis and remains the lowest valued among the top six banks.

Persons: Brian Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Win Mcnamee, Jane Fraser's, Kurt Rankin, Lai Ching, Lai Organizations: Bank of America, JPMorgan, Citigroup, CNBC, Federal Reserve, PNC, Voters, Democratic Progressive Party Locations: Hart, Washington , DC, U.S, Asia, China, Taiwan

☆ 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 posts $1.8 billion fourth-quarter loss after litany of charges
▼ + stars: | 2024-01-12 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Citigroup on Friday posted a $1.8 billion fourth-quarter loss after booking several large charges tied to overseas risks, last year's regional banking crisis and CEO Jane Fraser's corporate overhaul. All told, the charges — so massive the bank preannounced their effect this week — hit quarterly earnings by $4.66 billion, or $2 per share, Citigroup said. Excluding their effect, earnings would've been 84 cents a share, the bank said. Revenue: $17.44 billion vs. $18.74 billion expected. Fraser called her company's performance "very disappointing" because of the charges but said Citigroup had made "substantial progress" simplifying the bank last year.

Persons: Jane, would've, Fraser, Mark Mason, Octavio Marenzi, Goldman Sachs, Morgan Stanley Organizations: Citigroup, LSEG, Revenue, Citi, Opimas, JPMorgan Chase, Bank of America, CNBC PRO Locations: Argentina

☆ Citigroup at risk of quarterly loss after charges come in far higher than initially disclosed
▼ + stars: | 2024-01-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Citigroup warned investors late Wednesday that charges tied to the decline of the Argentine peso as well as the bank's reorganization came in far higher than disclosed by the company's CFO just weeks ago. Those charges are significantly higher than the "couple hundred million dollars" apiece that CFO Mark Mason told investors to expect at a Dec. 6 conference hosted by Goldman Sachs. All told, the charges are likely to result in a $1 per share fourth-quarter loss, according to Mayo. Despite his own skepticism that the bank can achieve its targets, Mayo recommends Citigroup stock, saying it is so beaten down that it can double within three years. A Citigroup spokeswoman declined to comment on the bank's shifting guidance, instead pointing to remarks from Mason published late Wednesday.

Persons: Jane, Mark Mason, Goldman Sachs, Mike Mayo, Fraser, That's, Mason Organizations: Citigroup, Argentine, Mayo Locations: Wells Fargo, Argentina, Russia, Mayo

☆ Earnings playbook: Your guide to the biggest reports this week, including JPMorgan
▼ + stars: | 2024-01-07 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

Friday UnitedHealth is set to report earnings before the bell, with a conference call scheduled for 8:45 a.m. JPMorgan Chase is set to report earnings before the market opens. Management has said it will disclose severance costs and job cuts along with fourth quarter earnings." Delta Air Lines is set to report earnings before the bell, followed by a call at 10 a.m. What history shows: Bank of America beats earnings estimates 79% of the time, per Bespoke.

Persons: Wells, John Butters, Butters, UNH, UnitedHealth, CVS, JPMorgan Chase, Hugh Son, Jane, DAL, Leslie Josephs Organizations: JPMorgan Chase, Citigroup, Bank of America, Delta Airlines, CNBC, LSEG, JPMorgan, First, Management, Delta Air Lines, CNBC CNBC, Delta Locations: Wells Fargo

☆ Read Jane Fraser's Memo to Citigroup Staff on Restructuring
▼ + stars: | 2023-11-20 | by ( ) www.wsj.com time to read: 1 min

The bank will be laying off employees as part of a restructuring that executives been working out for the last few months. The realignment of teams, and the dismantling of an international management layer was expected to lead to sizable job cuts, though the bank didn’t have a target for layoffs and hasn’t confirmed how many are losing their jobs today.

Persons: hasn’t

☆ 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 ,

☆ CNBC Daily Open: Markets are on a hot streak
▼ + stars: | 2023-11-07 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China imports surpriseChina's imports unexpectedly rose in October from a year ago, but exports recorded a worse-than-expected drop. Data showed imports rose by 3% in U.S. dollar terms for the month, above a Reuters' forecast for a 4.8% drop. [PRO] Growth stocks that are set for bigger leapsHigher-for-longer interest rates are bad for growth stocks but, investor hopes were reignited after the U.S. Federal Reserve kept rates unchanged for the second consecutive meeting.

Persons: Jane, OpenAI Organizations: CNBC, Dow Jones, Dow, Reserve Bank of Australia, Bora, Microsoft, U.S . Federal Reserve, CNBC Pro Locations: U.S, Asia, South, China

☆ CNBC Daily Open: Markets extend winning streaks
▼ + stars: | 2023-11-07 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

(Photo by Roy Rochlin/Getty Images)This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The tech-heavy index rose for seven straight days, while the Dow and S&P 500 rose for six straight days for the first time since July and June, respectively. Now, CNBC Pro deep dives into which winning names investors should look at that could be poised to lead any rally in the coming week. These include stocks in the S&P 500 that are up 10% or more off of their 52-week lows and have gained 10% or more in the past month.

Persons: Roy Rochlin, Jane, OpenAI, Janet Yellen, Lifeng, Joe Biden, Xi Jinping Organizations: NEW, Trump, Federal, CNBC, Dow Jones, Dow, Bora, Microsoft, U.S . Treasury, Asia Pacific Economic Cooperation, APEC Locations: Downtown Manhattan, New York City, U.S, San Francisco

☆ Citigroup considering at least 10% job cuts in major businesses - CNBC
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 6 (Reuters) - Citigroup's (C.N) managers and consultants working on CEO Jane Fraser's reorganization have discussed job cuts of at least 10% in several major businesses, CNBC reported on Monday, citing people with knowledge of the process. The bank has warned of job cuts as part of a sweeping overhaul it unveiled in September, but has said it will estimate the scale of layoffs and cost savings in the current quarter. Fraser's push to eliminate regional managers, co-heads and others with overlapping roles will translate into job cuts beyond 10% for executives, the report said. Since taking charge of the banking giant in 2021, Fraser has tried to improve profits, streamline the bank and fix regulatory problems.

Persons: Andrew Kelly, Jane Fraser's, Fraser, we've, We've, Niket, Jaiveer Singh Shekhawat, Tatiana Bautzer, Arun Koyyur Organizations: Citibank, New York Stock Exchange, REUTERS, CNBC, Boston Consulting Group, Citi, Boston Consulting, Thomson Locations: Manhattan , New York City, U.S, Bengaluru, New York

☆ Citigroup considers deep job cuts for CEO Jane Fraser's overhaul
▼ + stars: | 2023-11-06 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCitigroup considers deep job cuts for CEO Jane Fraser's overhaulCNBC's Hugh Son reports on the massive reorganization at Citigroup.

Persons: Jane Fraser's, Hugh Son Organizations: Citigroup

☆ Stocks making big moves premarket: Dish Network, Bluegreen, Albemarle and more
▼ + stars: | 2023-11-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Dish Network — Shares dropped 6.2% premarket after the company missed Wall Street's expectations on both revenue and earnings, driven by substantial losses in its pay-TV retail wireless subscribers. Dish lost 26 cents per share in the third quarter, while analysts expected earnings of 5 cents per share, according to LSEG, formerly Refinitiv. Nvidia — The semiconductor stock added 1.1% premarket Monday, lifted by Bank of America's optimism about Nvidia's quarterly earnings due Nov. 21. Affiliated Managers Group — Shares of the asset manager company gained 2.5% third quarter earnings and revenue topped analyst estimates. AMG posted revenue of $525.2 million, exceeding analysts' estimate of $509.4 million.

Persons: Tesla, RingCentral, Schuster, SATS, Jane, FactSet, — CNBC's Brian Evans, Jesse Pound, Michelle Fox Theobald, Scott Schnipper Organizations: Reuters, Hilton, Paramount, CBS, Bank of America, Dish, Citigroup —, CNBC, Citigroup, Bora Bora, Nvidia, Bank of, UBS, Dominion Energy, Barclays Locations: Berlin, China, Albemarle

☆ 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

☆ Big banks are quietly cutting thousands of employees, and more layoffs are coming
▼ + stars: | 2023-10-19 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

Michael Nagle | Bloomberg | Getty ImagesThe largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. The moves come after a two-year hiring boom during the pandemic, fueled by a surge in Wall Street activity. "Banks are cutting costs where they can because things are really uncertain next year," Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview. In the coming weeks, the bank will terminate around 1% or 2% of its employees, according to a person with knowledge of the plans. The bank has cut about 2% of its workforce this year amid a protracted slowdown in investment banking activity.

Persons: Michael Nagle, JPMorgan Chase, Chris Marinac, Janney Montgomery Scott, you'll, Goldman Sachs, Charlie Scharf's, Mike Santomassimo, Goldman, Headcount, GreenSky, we've, Morgan Stanley, James Gorman, Mark Mason, Jane Fraser's, Mason, Jamie Dimon Organizations: New York Stock Exchange, Bloomberg, Getty, JPMorgan, Federal Reserve, headcount, Bank of America, Citigroup, First, Big Locations: New York, Wells, Wells Fargo, York, First Republic

Citigroup also convened a meeting of its managing directors on Wednesday, according to two sources familiar with the matter. Citigroup declined to comment on the memo, town hall and meeting with managing directors. Citi had 240,000 employees at the end of the second quarter. CONSULTATIONS IN THE UKThe bank is also beginning the consultations required in the UK after earlier warning employees about possible redundancies. In the second quarter, net income tumbled 36% to $2.92 billion, beating analyst expectations.

Persons: Sara Wechter, Jane Fraser, Fraser, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio, Kirsten Donovan, Sonali Paul Organizations: Citigroup, Reuters, Bankers, Citi, Bank of America, Milana, Svea Herbst, Thomson Locations: Wells Fargo, London, New York, Svea

Search resuls for: "Fraser's"

25 mentions found