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☆ 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

"Some roles will change, new roles may be created, and new roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo. Fraser's memo to staff did not announce an expected number of job cuts but said the departures would enable staff who generate revenue and dealmakers to focus their time on clients. "We'll be saying goodbye to some very talented and hard-working colleagues," Fraser wrote at the time. CONSULTATIONS IN THE UKThe bank said in a separate memo it is also beginning the specific consultation required in the UK. Some of these roles may change, while others will remain largely the same."

Persons: Sara Wechter, Jane Fraser, Fraser, Jane, Lananh Nguyen, Tatiana Bautzer, Saeed Azhar, Megan Davies, David Gregorio Our Organizations: Citigroup, Reuters, Citi, Bank of America, Thomson Locations: Wells Fargo, London, New York

☆ Insider Today: Big banks are screwed
▼ + stars: | 2023-09-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

It's the latest example of the pressure big banks are under to keep their place atop Wall Street. Before the announcement, the bank's share price was down almost 9% this year, trailing all of its fellow big bank peers in the US except Bank of America. Citi's overhaul represents how big banks are scrambling to stay on top of a financial world passing them by. CEO Jamie Dimon recently quipped he "wouldn't be a big buyer of a bank" in reference to proposed regulations requiring big banks to keep more money on the sidelines. Whether it's fintechs or so-called shadow banks, there's no shortage of players looking to offer services previously dominated by big banks.

Persons: that'll, isn't, Mike Kemp, Insider's Jennifer Sor, Jane Fraser, Fraser, Fraser isn't, she's, Michael Corbat, Citi's reorg, Goldman Sachs, David Solomon, Rebecca Ungarino, Wells, Charlie Scharf, JPMorgan — isn't, Jamie Dimon, it's, Robert Nickelsberg, Morgan Stanley, — isn't, Arantza Pena Popo, Nicole Zaridze, Elon Musk, Post Malone, —, Hunter Biden, Garrett Ziegler, Paul Morigi, Biden's, Joey Hadden, I've, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Citigroup, Getty, Bank of America, JPMorgan, Independence, Apple, Post, SEC, Trump, Wikimedia, Motors, Ford, Nintendo Locations: Wall, Silicon, Seattle, New York City, China, Boxabl, Michigan, San Diego, London, New York

"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

☆ Citi shakeup: The banking giant is planning layoffs and a huge overhaul
▼ + stars: | 2023-09-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Citigroup is planning a sweeping overhaul of its organization after years of lackluster stock performance. Citi stock climbed 2% shortly after the overhaul was announced. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. AdvertisementAdvertisementPeople familiar with the matter confirmed the layoffs with Bloomberg on Wednesday, though it was unclear how many employees would be affected. Citigroup stock rose 2% to $42.35 a share shortly after the reorganization was announced.

Persons: Jane Fraser, Fraser Organizations: Citigroup, Citi, Service, Bloomberg, Wall Street Locations: Wall, Silicon

☆ Citigroup CEO Jane Fraser pushes biggest overhaul in almost two decades
▼ + stars: | 2023-09-13 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +3 min

Citigroup CEO Jane Fraser testifies during a U.S. House Financial Services Committee hearing titled “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks” on Capitol Hill in Washington, U.S., September 21, 2022. The bank is also planning to list its Mexican consumer unit, known as Banamex, after a sale process fell through. Scottish-born Fraser is the first woman to lead a Wall Street bank. She spoke in March about her life and career in a wide-ranging interview with Carlyle Group (CG.O) Co-Founder David Rubenstein. Reporting by Tatiana Bautzer; writing by Michelle Price; editing by Lananh Nguyen and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Elizabeth Frantz, Jane Fraser's, we've, Fraser, Michael Corbat's, Sandy Weill, David Rubenstein, Goldman Sachs, Smith Barney, Tatiana Bautzer, Michelle Price, Lananh Nguyen, Josie Kao Organizations: Citigroup, . House Financial, REUTERS, Citi, JPMorgan Chase &, Bank of America, Banks, Carlyle Group, Cambridge University, Harvard Business School, McKinsey, Thomson Locations: Washington , U.S, U.S, New York, Scottish, Mexico

☆ Citi CEO commits to China expansion, Beijing says
▼ + stars: | 2023-06-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

The CEO also held meetings with Citi staff and clients, which include some of the largest U.S. multinational companies with presence in China, a Citi spokesperson said. Fraser's first trip to China since taking up the CEO role in March 2021 follows a visits by JPMorgan's chief Jamie Dimon last week and by other global financial executives in March. Sequoia said on Tuesday it plans to spin off its Chinese business as part of wider changes at the U.S. venture capital giant. Li told Fraser that China will open up its financial sector further. Citi is in the process of getting approval to set up a securities brokerage in China, having submitted its application in late 2021.

Persons: Jane Fraser, Fraser, Li Yunze, Li, NFRA, Fraser's, Jamie Dimon, Sequoia, Selena Li, Nivedita Bhattacharjee, Navaratnam, Alexander Smith Organizations: National Financial Regulatory Administration, Citi, U.S, United States . International, Beijing, Thomson Locations: HONG KONG, BEIJING, U.S, Beijing, China, United States, China's, Hong Kong

☆ Citi, a firm plagued by 'fat finger' mistakes, invests in tech to lower human trading errors, CEO Jane Fraser says
▼ + stars: | 2023-06-02 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Citi has invested in new technology to reduce human trading errors. The New York-based bank has invested in new technology to reduce human trading errors, CEO Jane Fraser revealed on Friday. "In trading, we have a smart system called SMART," Fraser said at the 2023 Bernstein Strategic Decisions Conference. "That's the type of thing that we're putting in to make sure that we don't have issues in terms of fat-finger errors going forward." Fraser mentioned the trading technology while explaining the bank's multi-year effort to simplify and modernize its business, including through technology.

Persons: Jane Fraser, It's, Fraser, Bernstein Organizations: Citi, Conference, Revlon Locations: New York, London

☆ Citigroup defends revamp as shareholders complain about sluggish stock
▼ + stars: | 2023-04-25 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

"We completely understand" shareholders' frustration with the share price, he said, after fielding several questions from shareholders on the topic. Still, Mayo welcomed Citigroup CEO Jane Fraser's pledge to receive 85% of her pay in stock, a higher proportion than peers at other banking giants. Separately, Fraser said the sale of Citigroup's Mexican consumer business, known as Banamex, was taking "longer than expected," because of its complexity. The bank is still pursuing two options for the business: a sale or initial public offering, she said. SHAREHOLDER PROPOSALSThe majority of Citigroup shareholders agreed to management proposals to elect board members and pay executives.

☆ Citigroup shares rise after first-quarter revenue tops expectations
▼ + stars: | 2023-04-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Citigroup reported rising net income and better-than-expected revenue for the first quarter, boosting its stock in premarket trading Friday. $4.6 billion in net income versus $4.3 billion in the same period last year$21.45 billion in revenue versus $19.99 billion expected, according to Refinitiv. Personal banking revenue rose 18% year over year, reflecting higher interest rates. Fixed income markets revenue rose 4% year over year, though that was offset by declines in investment banking and equity market revenue. Net income was down 19% year over year when excluding the impact of the sales.

☆ Earnings playbook: Your guide to trading the start of a big reporting season this week
▼ + stars: | 2023-04-12 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

Thursday Delta Air Lines is set to report earnings before the bell, followed by a conference call with management at 10 a.m. This quarter: Analysts polled by Refinitiv expect revenue to have jumped more than 45% from the year-earlier period, Refinitiv data shows. Friday JPMorgan Chase is set to report earnings before the bell, followed by a call with management at 8:30 a.m. What history shows: FactSet data shows JPMorgan Chase topped earnings estimates in eight of the last 10 quarters. What history shows: Bespoke data shows UnitedHealth beats earnings estimates 93% of the time.

☆ A 27-year-old professional athlete landed a gig at Benchmark. Here's how she's balancing a Nike sponsorship, elite running, and working at the VC powerhouse.
▼ + stars: | 2023-03-29 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +9 min

Vanessa Fraser is a professional runner sponsored by Nike. As a professional runner for Nike, she's stared down American records, competed at national championships, and raced to make Olympic teams. These days, she's bringing that intensity off the track and into the world of venture capital. So when the call came from a recruiter working with Benchmark, Fraser was open to listening. In some ways, stepping back from full-time professional running and adding variety to her days have made Fraser an even better athlete, she said.

☆ Citigroup lifts CEO Fraser's 2022 pay to $24.5 mln
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Citigroup (C.N) increased Chief Executive Officer Jane Fraser's compensation by nearly 9% to $24.5 million for 2022, the lender said in a filing on Tuesday. Fraser's total pay in 2021 was $22.5 million. She took over as the first female chief executive of a major Wall Street bank in February 2021. Her pay is still below the $34.5 million of JPMorgan & Chase Co's JPM.N CEO Jamie Dimon, and Morgan Stanley (MS.N) CEO James Gorman's $31.5 million. Citigroup reported a 21% fall in fourth-quarter profit last month, missing forecasts, as the bank increased provisions to prepare for a worsening economy and as investment banking revenue declined due to a sharp drop in dealmaking activity.

Feb 1 (Reuters) - Grupo Mexico (GMEXICOB.MX), the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's (C.N) retail operations in Mexico, according to people familiar with the matter. The move represents a major milestone in Grupo Mexico's efforts to put together the deal for Banamex, the unit that encompasses the Citigroup assets. Several banks, including Barclays Plc (BARC.L) and HSBC Holdings Plc (HSBA.L), have pledged to provide the debt financing, the sources said. Citi, Grupo Mexico, Barclays and HSBC declined to comment. Citi stepped back from conversations with Becker to prioritize a potential deal with Larrea, according to sources.

☆ Wall Street succession plans: The case for why all 6 big banks could consider a leadership change this year
▼ + stars: | 2023-01-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Morgan Stanley CEO James Gorman confirmed what everyone already presumed: There are three executives in the running for his job. It turns out you could make the case for every top US bank making a change in leadership, either with or without the consent of their CEO. At 64 years old, he's the second-oldest CEO among the big six US banks. When discussing succession plans with Bloomberg on Thursday, Gorman acknowledged he doesn't want this job forever. And at 63 years old, he's not exactly a spring chicken.

Here are the fourth-quarter numbers versus what Wall Street expected:Net income: $2.5 billion versus $3.2 billion a year ago. Net Interest Income: $13.27 billion, above the 12.7 billion expected by analysts, according to StreetAccountTrading Revenue: Fixed Income $3.16 billion, above expectations. Revenues in services and markets divisions increased 32% and 18% respectively, driven by growth in interest income and in fixed income markets. The fixed income markets division saw revenues jump 31% to $3.2 billion, the highest fourth-quarter results ever, due to strength in rates and currencies. There was also strength in banking, with private bank revenues gaining 5% and U.S. personal bank revenues up 10%.

☆ Bank earnings are under way. Here are the biggest storylines everyone on Wall Street is focused on.
▼ + stars: | 2023-01-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Starting today, the six big US banks (Bank of America, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo) report their Q4 and year-end earnings. But instead of a boring preview on what to expect, I figured I'd have some fun by setting gambling lines on some of the biggest storylines heading into earnings. OK, let's get into the biggest storylines and their odds:David Solomon discusses the recent headcount reduction at Goldman Sachs. What'll be interesting is if he teases even more cuts coming down the line as the bank looks to cut costs. (-150)Background: The bank got ahead of this one by announcing its plans to step back from mortgages earlier this week.

☆ Chief of Mexico's Mifel says it is still in bidding process for Citibanamex
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 14 (Reuters) - Mexico's Banca Mifel is still in the bidding process for Citigroup's (C.N) Mexican retail bank Citibanamex, Mifel's head Daniel Becker told Reuters on Wednesday. Speaking at an event hosted by Mexico's banking association, Becker - the bank's chairman and CEO - said the race was not over, but declined to comment further. The competition to buy one of Mexico's biggest retail banks has narrowed to two bidders, with smaller rival Mifel, in conjunction with a band of investors, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, sources told Reuters late last month. Reporting by Valentine Hilaire; Writing by Isabel Woodford; Editing by Anthony Esposito and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ 'The Whale' review: Brendan Fraser's standout performance can't keep Darren Aronofsky's film afloat
▼ + stars: | 2022-12-09 | by ( Brian Lowry | ) edition.cnn.com time to read: +3 min

CNN —The love showered on Brendan Fraser out of film festivals inflates expectations for “The Whale” wildly out of proportion, in a movie based on a play that occurs almost entirely within a lone apartment. Weighted down not by its morbidly obese protagonist but rather its stick-thin supporting players, Fraser deserves praise for his buried-under-makeup performance, but that’s not enough to keep the movie afloat. Adapted by Samuel D. Hunter from his play, “The Whale” actually derives its title from the book “Moby Dick,” although the convincing enormity of Charlie’s physique obviously provides another meaning. As poignant and heartbreaking as Charlie’s plight is, “The Whale” can’t transcend the line between theater and film. While it’s easy to root for Fraser to earn accolades, in the annual hunt for award-worthy movies, consider this another one that got away.

☆ Explainer: The Phala Phala farmgate scandal hanging over South Africa's Ramaphosa
▼ + stars: | 2022-12-01 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

Ramaphosa has denied any wrongdoing. But with less than a month to go before the party chooses its next candidate, he is battling for political survival. HOW IT ALL STARTEDEverything changed for Ramaphosa when South Africa's former spy chief, Arthur Fraser, walked into a police station in June and accused him of money laundering and covering up a large theft of cash. Ramaphosa, acknowledged there had been a break-in and said that cash proceeds from the sale of game had been stolen. RAMIFICATIONSThe affair has been a huge embarrassment for Ramaphosa who has repeatedly spoken about taking a tough line on graft.

☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
▼ + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +2 min

LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

☆ List of bidders for Citigroup's Mexican retail arm shrinks as Inbursa drops out
▼ + stars: | 2022-11-24 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known also as Banamex. "We considered from the beginning (of the bid) that it was going to be difficult for a player in the sector to make such an acquisition. Other heavyweight names such as Grupo Financiero Banorte (GFNORTEO.MX), Spanish bank Santander (SAN.MC) and media tycoon Ricardo Salinas have previously also pulled out of the process. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito, Stephen Coates and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. "Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing. Mexican corporate titans Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known too as Banamex. Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

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