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☆ Citigroup has 'no room for bystanders' in reorganization, CEO says
▼ + stars: | 2023-09-29 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeNEW YORK (Reuters) - Citigroup CEO Jane Fraser said on Friday that top employees were on board with the company’s sweeping reorganization, and that there was “no room for bystanders” in the bank’s biggest overhaul in almost two decades. “The case for change is pretty clear - our people want to succeed and our highest performers got behind this very quickly,” Fraser told CNBC. The company began discussions about layoffs soon after announcing the reorganization, sources close to the situation told Reuters this month. Bank of America CEO Brian Moynihan also predicted the economy would achieve a soft landing in comments earlier this week.

Persons: Jane Fraser, Mike Blake NEW, ”, ” Fraser, Fraser, Brian Moynihan Organizations: Citi, Milken, Global Conference, REUTERS, Mike Blake NEW YORK, Citigroup, CNBC, Federal Reserve, Bank of America Locations: Beverly Hills , California, U.S

☆ Citigroup CEO Jane Fraser: We will give the layoff number in Q4 earnings
▼ + stars: | 2023-09-29 | by ( ) 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 CEO Jane Fraser: We will give the layoff number in Q4 earningsCitigroup CEO Jane Fraser joins 'Squawk on the Street' to discuss the vision behind splitting Citi into five business units, whether layoffs are part of the restructuring plan, and how the company intends to unlock more value.

Persons: Jane Fraser Organizations: Citigroup, Citi

☆ Citigroup CEO Jane Fraser sees 'cracks’ emerging among some consumers as savings dry up
▼ + stars: | 2023-09-29 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Lower-end consumers have shifted buying patterns to save money as their bank accounts dwindle in size, according to Citigroup CEO Jane Fraser. The third-largest U.S. bank by assets has been monitoring its credit card customers for signs of distress, Fraser told CNBC's Sara Eisen on Friday in an interview. When asked what other CEOs are telling her about the state of the economy, Fraser said that besides comments on AI and labor tightness, corporate leaders have told her that demand is softening, she said. "Particularly [for] the bottom end of the consumer, that's the one that we're starting to see cracks, you're seeing some shift in the buying patterns to lower categories in the spend," Fraser said. The scope of job cuts and expense savings triggered by the reorganization will be disclosed with fourth quarter earnings, Fraser said.

Persons: Jane Fraser, Fraser, CNBC's Sara Eisen Organizations: Citigroup, U.S, Fair Isaac Corp

☆ Watch CNBC's full interview with Citigroup CEO Jane Fraser
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Citigroup CEO Jane FraserCitigroup CEO Jane Fraser joins 'Squawk on the Street' to discuss the vision behind splitting Citi into five business units, whether layoffs are part of the restructuring plan, and how the company intends to unlock more value.

Persons: Jane Fraser Citigroup, Jane Fraser Organizations: Citigroup, Citi

ORLANDO, Florida, Sept 28 (Reuters) - The 'dollar smile' can be a blessing for Wall Street, or a curse. But the speed and extent of the move in the dollar and Treasuries, and tightening of financial conditions, warrant vigilance. According to Goldman Sachs, U.S. financial conditions are the tightest this year. This is not dissimilar to other major economies and regions, some of which - the euro zone, China and emerging markets - are feeling an even tighter squeeze. It might be too early for that to appear in third-quarter results - many big Wall Street firms will have hedged their currency exposure over the near term - but if sustained, fourth-quarter profits could be affected.

Persons: Stephen Jen, reckons Stuart Kaiser, Kaiser, Goldman Sachs, Rabobank's Jane Foley, Foley, Jamie McGeever, Andrea Ricci Organizations: Treasury, Citi, FCI, Reuters, Thomson Locations: ORLANDO, Florida, China, U.S, America

☆ Dollar at 10-month top as US yields spike; yen slides
▼ + stars: | 2023-09-26 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

U.S. Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSINGAPORE, Sept 26 (Reuters) - The dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by U.S. bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone. "Few currencies will resist the bullish dollar macro resiliency theme and the euro and Chinese yuan look more vulnerable than most." The yen has slowly but inexorably slid toward the 150-per-dollar mark as policymakers stuck with ultra-easy settings. The yen hit 148.97 to the dollar on Monday and last traded at 148.72.

Persons: Dado Ruvic, Sterling, Jane Foley, Tom Westbrook, Jamie Freed Organizations: REUTERS, Rights, Treasury, U.S, Australia's Westpac, Swiss, Traders, Bank of Japan, Thomson Locations: Rights SINGAPORE, Europe, Asia, U.S, Tokyo

☆ Dollar at 10-month top as U.S. yields spike, yen slides
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: +3 min

The dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by U.S. bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone. "Few currencies will resist the bullish dollar macro resiliency theme and the euro and Chinese yuan look more vulnerable than most." The yen has slowly but inexorably slid toward the 150-per-dollar mark as policymakers stuck with ultra-easy settings. The yen hit 148.97 to the dollar on Monday and last traded at 148.72. "We remain of the view that the dollar is unlikely to weaken significantly until Fed rate cuts are firmly on the horizon," she said.

Persons: Sterling, Jane Foley Organizations: Treasury, U.S, Australia's Westpac, Swiss, Traders, Bank of Japan Locations: Europe, Asia, U.S

☆ Citi warns UK staff of cuts as hundreds of roles could be affected - memo
▼ + stars: | 2023-09-22 | by ( Anousha | ) www.reuters.com time to read: +3 min

FILE PHOTO: Staff enter the Citigroup building in London's financial district of Canary Wharf November 18, 2008. “We anticipate that the reviews may lead to a reduction in roles in some parts of the business, and changes to some other roles. In some cases, colleagues may be placed at risk of redundancy,” James Bardick, UK Citi Country Officer, told employees in the memo seen by Reuters. Technology staff working on overlapping functions were also at risk of being laid off, Reuters reported. Kristine Braden, CEO of Citibank Europe, is leaving the company after 25 years as part the organisational change, according to an internal memo seen by Reuters.

Persons: Kevin Coombs, James Bardick, we’re, Jane Fraser, Bardick, Fraser, Kristine Braden Organizations: Citigroup, Reuters, Staff, REUTERS, Citi Country, Citi, Bankers, U.S, London Consultation, United States Citi, Technology, Citibank Locations: Canary, BRITAIN, Britain, North Ireland, North America, London, Belfast, Citibank Europe

☆ Banks scramble to find leaders equipped for today’s economic realities
▼ + stars: | 2023-09-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means most current executives, who came up in the era of easy money, are unfamiliar with the complexities of running a bank under today’s conditions. Some CEOs are deciding that they need to make drastic, expensive and often unpopular institutional changes to help them keep up. Banks currently have strong managers, but not a lot of strong leaders, said David Schiff, senior partner at West Monroe. Prior to the current interest rate hikes, banks had been operating with low-interest, stable rates for nearly two decades, he said. It has not had a strike in its Canadian operations since 1990 and had not had a US strike since 1978.

Persons: Jane Fraser, Fraser, Mike Santomassimo, Truist, Venkatakrishnan, Goldman Sachs, It’s, Roger Hochschild, Morgan Stanley, James Gorman, Banks, David Schiff, That’s, aren’t, ”, Schiff, “, “ There’s, Chris Isidore, Unifor, ” Ford, Lana Payne, Clorox, Jordan Valinsky Organizations: CNN Business, Bell, New York CNN, Citigroup, Citi, Wells, Reuters, Barclays, C.S, CNBC, Discover, Canadian, Ford, Ford Motor Company, United Auto Workers, General Motors, Jeep, Dodge, Chrysler Locations: New York, West Monroe, Canada, Clorox

☆ A Florida baby boomer blindsided by a layoff explains her plans to switch careers so she can work remotely forever
▼ + stars: | 2023-09-17 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

A Florida baby boomer decided that after a demoralizing layoff, remote work might be the solution. Some are committed to remote work, opting for pay cuts or career pivots to keep working from home. Jane said her bosses were out of touch, unaccommodating with remote work, and overly demanding. But she needed the security of a job, so she found one paying a comparable rate to her old one with similar benefits while she prepared for a switch to fully remote work. "I want to do remote work because I can travel and enjoy my life a bit more than being chained to an office."

Persons: boomer, She's, Jane didn't, Jane, it's, isn't, I've, who've, they've, Ben Wigert Organizations: Service, of Labor Statistics, Gallup Locations: Florida, Wall, Silicon

LONDON, Sept 15 (Reuters) - Kristine Braden, CEO of Citigroup's main operations in continental Europe, is leaving the firm after 25 years as part of a wider organisational change announced by the U.S. bank earlier this week, according to an internal memo seen by Reuters. Braden was CEO of Citibank Europe and previously held a number of senior roles, including leading the Citigroup Global Markets Europe AG unit. The Wall Street firm this week announced a broad reorganization including stripping out a layer of management and cutting jobs to give CEO Jane Fraser more direct control as she seeks to simplify the structure and give a boost to the stock. Following the announcement of the reorganization, Citi managers are already convening discussions with employees about potential layoffs, which will most likely affect support staff in compliance and risk management, a source familiar with the situation told Reuters on Thursday. Reporting by Anousha Sakoui and Andres Gonzalez Editing by Elisa Martinuzzi, Dhara Ranasinghe and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristine Braden, Braden, Braden couldn't, Jane Fraser, Anousha Sakoui, Andres Gonzalez, Elisa Martinuzzi, Dhara Ranasinghe, Mark Potter Organizations: Reuters, Citibank Europe, Citigroup Global, Citi, Thomson Locations: Europe, U.S

☆ 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

A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. Technology staff working on overlapping functions are also at risk of being laid off, one of the people said. "Simplifying the organization will also advance the execution of Citi's transformation, the firm's top priority," the company said in a statement on Wednesday. Citigroup has invested heavily in recent years in technology systems to increase risk controls and compliance to address the consent order, one of the sources said. But the company still employs many people with overlapping functions and redundant technology systems, one of the sources said.

Persons: Mike Segar, Jane Fraser, Moody's, Peter Nerby, Fraser, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Leslie Adler Organizations: Citibank, REUTERS, Citigroup, Technology, Citi, Bank of America, Wells, Thomson Locations: New York , New York, U.S, North America

The S&P 500 climbed 0.12% to end the session at 4,467.44 points. The Nasdaq gained 0.29% to 13,813.59 points, while the Dow Jones Industrial Average declined 0.20% to 34,575.53 points. The S&P 500 consumer discretionary index (.SPLRCD) climbed 0.9%, lifted as Ford Motor (F.N) rallied 1.5% on the vehicle maker's plans to double the production of its hybrid F-150 pickup trucks in 2024. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted 10 new highs and 11 new lows; the Nasdaq recorded 20 new highs and 199 new lows.

Persons: Victoria Fernandez, Raindrops, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Nasdaq, Dow, Federal Reserve, Microsoft, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit Airlines, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

Megacap growth stocks Tesla (TSLA.O), Meta Platforms (META.O), Microsoft (MSFT.O) and Amazon.com (AMZN.O) gained for much of the session. According to preliminary data, the S&P 500 (.SPX) gained 5.87 points, or 0.13%, to end at 4,467.77 points, while the Nasdaq Composite (.IXIC) gained 39.96 points, or 0.29%, to 13,813.59. Data showed consumer prices increased by the most in 14 months in August as gasoline prices surged, but the annual rise in underlying inflation was the smallest in nearly two years. Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Reuters Graphics Reuters GraphicsThe Fed is unlikely to cut rates before the April-June period next year, a Reuters poll showed.

Persons: Victoria Fernandez, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Federal Reserve, Microsoft, Apple, Nasdaq, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

"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 CEO Jane Fraser Is Shaking Up Executive Ranks
▼ + stars: | 2023-09-13 | by ( David Benoit | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/banking/citigroup-ceo-jane-fraser-is-shaking-up-executive-ranks-b13fbf5c

Persons: Dow Jones, fraser Organizations: citigroup

☆ 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

☆ Citi’s big restructuring has a familiar ring to it
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 14 (Reuters Breakingviews) - Jane Fraser is trying to make history. Citigroup’s (C.N) boss said the shake-up she unveiled on Wednesday is the most “consequential changes” to the organization in 20 years. Citi shares gained less than 2% in a flat market following her presentation at the Barclays Global Financial Services conference. The bottom line is that an investor who put $10 into Citi 20 years ago would have just $1 today.

Persons: Jane Fraser, Mike Blake, Michael Corbat, Vikram Pandit, ballyhooed, Fraser, Corbat, BoE, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Citi, Milken, Global Conference, REUTERS, Reuters, Barclays Global Financial Services, JPMorgan, X, Unity, Treasury, UBS, Thomson Locations: Beverly Hills , California, U.S, Asia

☆ 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 CEO Jane Fraser reorganizes businesses, cuts jobs as bank is mired in stock slump
▼ + stars: | 2023-09-13 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Citigroup CEO Jane Fraser announced a corporate reorganization Wednesday, saying the move would cut down management layers and accelerate decisions. Fraser said in a release that Citigroup would be divided into five main business lines that report directly to her. Fraser, closing in on her third full year atop Citigroup, is seeking to revitalize a firm mired in a persistent stock slump. While Citigroup is the third-biggest U.S. bank by assets after JPMorgan Chase and Bank of America , it has a far smaller domestic retail banking presence than its competitors. The corporate setup dates back two decades to when Sandy Weill ran Citigroup, according to Wells Fargo analyst Mike Mayo.

Persons: Jane Fraser, Fraser, hasn't, Sandy Weill, Wells, Mike Mayo Organizations: Citigroup, U.S, JPMorgan Chase, Bank of America Locations: New York, Wells Fargo

☆ Stocks making the biggest moves midday: Citigroup, Adobe, Corteva and more
▼ + stars: | 2023-09-13 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

David Wadhwani, senior vice president of digital media for Adobe, speaks during the launch of Adobe Creative Cloud and CS6 in San Francisco, April 23, 2012. Redwire — The space infrastructure stock soared 5.6% Wednesday after Roth MKM initiated research coverage of the company with a buy rating. The firm said Redwire, which went public via a special purpose acquisition company in 2021, has "several billions worth of pipeline revenue opportunity." Citigroup — Shares advanced nearly 1.7% after the bank's CEO Jane Fraser announced a corporate reorganization Wednesday amid a stock slump. Adobe — Stock in the software company added about 2.1% in midday trading ahead of quarterly results Thursday.

Persons: David Wadhwani, Roth MKM, Jane Fraser, Nio, General Motors, —, Alex Harring, Hakyung Kim, Brian Evans, Samantha Subin, Tanaya Macheel Organizations: Adobe, Adobe Creative, Moderna —, Centers for Disease Control, Pfizer, Moderna, U.S . Food, Drug Administration, Citigroup —, Citigroup, Airline, American Airlines, Spirit Airlines, European Commission, Adobe —, FactSet, Traders, Ford Motor, General, UBS, Ford, General Motors Locations: San Francisco, U.S, Nio —, China

☆ 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, Falling Behind Peers, Unveils ‘Uncomfortable’ Changes and Layoffs
▼ + stars: | 2023-09-13 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Citigroup unveiled a wide-ranging management shake-up on Wednesday and its chief executive, Jane Fraser, admitted in unusually frank terms that the bank was headed in the wrong direction and said that for the foreseeable future her employees “might not enjoy it so much.”The global banking colossus said it would cut some divisions and move others to report directly to Ms. Fraser. Long known for its international arms, it will wind down some of its operations abroad and all but eliminate the overlapping, co-heads of various business lines. The firm’s three regional chiefs, who previously had wide authority to make decisions in their geographic areas, were eliminated. The changes amount to a public confession that the bank has failed to crack the upper echelon of its peers in areas like investment banking and wealth management since Ms. Fraser took over two and a half years ago. Citi’s stock is down 13 percent over the past year, though shares rose more than 2 percent on Wednesday after the bank announced the changes.

Persons: Jane Fraser, Fraser . Long, Fraser Organizations: Citigroup

[1/2] The headquarters of the U.S. Securities and Exchange Commission (SEC) is seen in Washington, D.C., U.S., May 12, 2021. Picture taken May 12, 2021. A lawyer for Stoner Cats did not respond immediately to requests for comment. Stoner Cats is an adult animated series about house cats that become sentient after being exposed to their owner's medical marijuana, which is used to alleviate early Alzheimer's symptoms. The NFTs provided holders with exclusive access to watch "Stoner Cats" online.

Persons: Andrew Kelly, NFTs, Jane Fonda, Mila Kunis, Ashton Kutcher, Seth MacFarlane, Chris Rock, Stoner, Carolyn Welshans, Jonathan Stempel, Chris Prentice, Deepa Babington Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Stoner, U.S, Securities, SEC, Investors, Stoner Cats, Thomson Locations: Washington ,, New York

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