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"We are making bold decisions to meet our commitments to our shareholders," Fraser, 56, said in a statement. The latest changes have already eliminated 35 committees, Fraser said, citing an example of efforts to reduce bureaucracy. Job cuts are expected, but the bank did not estimate the number of positions being eliminated or the financial impact, sources familiar with the matter said. "Investors are only going to give Citigroup credit for hard numbers meeting their goals," said Eric Compton, banking analyst at Morningstar. Citi is eliminating layers in former divisions Institutional Clients Group and Personal Banking and Wealth Management.

Persons: Jane Fraser, Fraser, Shahmir Khaliq, Andrew Morton, Peter Babej, Gonzalo Luchetti, Andy Sieg, Wells, JPMorgan Chase, Brian Mulberry, Eric Compton, Ernesto Cantu, Mark Mason, Tatiana Bautzer, Saeed Azhar, Medha Singh, Lananh Nguyen, Nick Zieminski, Jonathan Oatis Organizations: Citigroup, Citi, Bank of America, JPMorgan, Zacks Investment Management, Morningstar, Wealth Management, International, Thomson Locations: North America, New York

☆ Citigroup's business heads in revamped structure
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. He is an alum of the London Business School and the London School of Economics. In 2021, he became the global head of Citi's treasury and trade solutions arm. ANDY SIEG, WEALTH The incoming head of Citi's wealth management unit starts on Sept. 27, after running Bank of America's powerhouse Merrill Lynch Wealth Management division since 2017. He was previously the head of the consumer bank in Asia and Europe, Middle East and Africa.

Persons: Chris Helgren, Jane Fraser, SHAHMIR, Khaliq, Fraser, ANDREW MORTON, Morton, Lehman, PETER BABEJ, ANDY SIEG, Merrill, GONZALO LUCHETTI, Niket, Lananh Nguyen, Chizu Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, London Business School, London School of Economics, Morton, Heath, Lehman Brothers, Citi Asia Pacific, Deutsche Bank, Lazard, of America's, Merrill Lynch Wealth Management, JPMorgan Chase, Bain & Company, Thomson Locations: Toronto , Ontario, Canada, Fraser, Jarrow, Asia, Europe, Middle East, Africa, Bengaluru

☆ Citigroup executive says strategy refresh remains "priority"
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Citigroup Inc (C.N) is laser-focused about its "mission-critical" transformation agenda, its global head of treasury and trade solutions business said on Tuesday, as the bank undergoes a strategy refresh under Chief Executive Jane Fraser. "Transformation is the #1 priority for everybody at Citi," Shahmir Khaliq told investors at a conference, adding that it is imperative that the bank gets it right over the next 24 to 36 months. The bank has long struggled to keep pace with peers on profitability and valuations. Citi's return on assets emerged as one of the lowest among rivals in fiscal 2022. Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

His counterpart at Bank of America Corp (BAC.N), Brian Moynihan, cited resilient consumer finances and spending as positive signs. At a separate event, Bank of America's CEO reiterated what he has been saying for months - that consumer spending remains robust and is underpinning the economy. JOB CUTSDespite some easing concern about an economic slowdown, the bank chiefs said they were managing headcount to constrain costs. It aims to have a workforce of about 213,000 to 214,000 in the next three to four months, Moynihan said, down from 216,823 at the end of 2022. While consumer spending remains healthy, credit card delinquencies are increasing, and growth in Wells Fargo's commercial bank is moderating, he said.

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