Page 3 - Citigroup

CEO's pay hiked to $26 mn in 2023, Citigroup says amid 20,000 job cuts plan

Jane Fraser's pay included a base salary of $1.5 million and a cash bonus of $3.7 million as well as $20.8 million in deferred performance-linked stock, the company said

Citigroup lays off more bosses as CEO addresses managing directors: Report

The bank last week said it would cut 20,000 jobs over the next two years, after a fourth quarter marred by one-off charges that resulted in a $1.8 billion loss

Citigroup lays off more bosses as CEO Fraser addresses MDs: Report

The bank last week said it would cut 20,000 jobs over the next two years, after a fourth quarter marred by one-off charges that resulted in a $1.8 billion loss

Citigroup partners with LuminArx to launch private lending vehicle

Last year, Wells Fargo also launched a fund in partnership with a private equity firm

Citigroup to cut 20,000 jobs over the next two years to boost returns

The lender, which currently has 239,000 employees worldwide, will reduce that headcount by 20,000 as part of a sweeping reorganisation, Mason told reporters

Citigroup swings to $1.8 billion loss in 4th quarter on slew of charges

Shares in the bank climbed 3% in premarket trading on Friday after CEO Jane Fraser described 2024 as a "turning point year" for the lender

Kotak Mahindra Bank shareholders approve Vaswani's appointment as MD & CEO

Reserve Bank of India cleared Vaswani's appointment as MD & CEO of the bank for a period of three years with the effect from the date of taking charge, which should not be later than 1 January 2024

Citigroup reorganisation to be completed in first quarter, to cost $1 bn

The bank maintained its estimate for 2023 expenses at $54 billion, excluding a special assessment from the Federal Deposit Insurance Corp. of about $1.65 billion

Citigroup MD accuses ex-bosses of 'horrifying' sexual assault, harassment

She says she finally decided to end their relationship in October 2022, after which he subjected her to an "onslaught of shocking abuse via hundreds of text messages and incessant phone calls

Citigroup cuts 300 senior manager roles in latest rejig, says report

"Building a winning bank requires a great deal of commitment, hard work and resilience from each of us," Fraser said in a memo to staff. "I'm fully aware we're asking a lot of our people"

Citigroup discriminated against Armenian-Americans, says federal regulator

Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said on Wednesday, as the bank argued internally that Armenians were more likely to commit fraud and referred to applicants as bad guys or affiliated with organised crime. The CFPB found that Citi employees were trained to avoid approving applications with last names ending in yan or "ian" the most common suffix to Armenian last names as well applications that originated in Glendale, California, where roughly 15 per cent of the country's Armenian American population lives. As part of the order, Citi will pay USD 24.5 million in fines as well as USD 1.4 million in remedies to impacted customers. In its investigation, the bureau found that Citi employees were instructed to single out applications that had Armenian last names, but then to conceal the real reason on why those applications were denied. Employees would be punished if they failed t

Citigroup considering at least 10% job cuts in major businesses: Report

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

Citigroup profit holds steady in Q3 as investment banking fees jump

The bank's trading unit also boosted revenue, while its division providing treasury and securities services to corporations brought in 12% more revenue

Citigroup to sell China's consumer wealth business worth $3.6 bn to HSBC

The deal covers total deposits and investment AUMs of about $3.6 billion, and is expected to close in the first half of 2024. Financial details of the transaction were not disclosed

Citigroup raises China's GDP forecast, says economy has bottomed out

"The cyclical bottom is here, with all eyes on whether organic demand will pick up amid gathering policy momentum," wrote economists led by Yu Xiangrong

Citigroup warns UK staff of cuts as hundreds of roles could be affected

Bankers have been bracing for change after CEO Jane Fraser said earlier this month that Citigroup, the third-largest US

Citigroup prepares for job cuts as it revamps top management structure

The moves will result in a number of job cuts, though the company doesn't yet have firm targets for how many employees will be affected

Citi mulls plan to split institutional clients group in overhaul: Report

The plan would split the Institutional Clients Group into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said

World Bank's return to office spurs grumbling but it comes with perks

The new president of the Washington-based bank, Ajay Banga, is pushing ahead with plans to have employees work in the office four days a week by Sept. 5

Citigroup profit drops 36% as trading slump casts cloud over earnings

Net income sank to $2.92 billion, or $1.33 per share, in the three months to June 30, the bank reported on Friday