Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessHere Come the Pink Slips: Citigroup Plans for a 10% Workforce Reduction

Here Come the Pink Slips: Citigroup Plans for a 10% Workforce Reduction

Add to Favorite
Added to Favorite
Flickr Image: Palácio do Planalto

One of the biggest financial firms in the world, Citigroup (C), recently revealed that it will be reducing its personnel by 10%. The choice to make such a large personnel reduction has drawn criticism and discussions about the possible ramifications for the bank as well as the larger financial sector.

According to CNBC’s story on Monday, which cited persons with knowledge of the process, managers and consultants of Citigroup (C.N) involved in CEO Jane Fraser’s reorganization have considered implementing job cuts of at least 10% across many large corporations.

Employees at Citibank are furious after CEO Jane Fraser, who makes $24.5 million a year, called their plans for widespread layoffs “Project Bora Bora.”

Organic Greek Vitamin Bottles and Multivitamin Gummies

For Citigroup (NYSE:C), Michael Corbat’s failure to address fundamental problems found in several consent orders dating back years has resulted in serious suffering. Jane Fraser took Michael’s post in 2021, and she unveiled her Investor Day plan in early 2022 to address the issues at last.

Her plan calls for significant expenditure to put in place the necessary systems and controls, which has led to a sharp decline in income and ROTCE. A significant halt to buybacks has been imposed because of growing capital constraints.

According to the research, Fraser’s efforts to remove co-heads, regional managers, and other employees with overlapping responsibilities would result in employment losses for executives that go over 10%.

As part of a massive reform that it unveiled in September, the bank has warned of job cutbacks, but it has also stated that it will estimate the number of layoffs and cost savings in the current quarter.

Additionally, Fraser’s plan calls for revenue growth, which, if realized, will contribute to a decrease in the efficiency ratio and an increase in ROTCE. Revenue growth is projected at a 4-5% CAGR in the plan. However, Citi has not been very successful at expanding sales for a while. In 2023, revenues will merely return to their 2011 levels. That is a decade’s worth of revenue increase.

Bloomberg reported that Jane Fraser, the CEO of Citigroup Inc., is considering closing the company’s municipal-bond trading and origination division, which for many years dominated the $4 trillion US state and local debt market.

The impact of these layoffs will be closely monitored by the financial industry and the broader public as Citigroup navigates the challenges and opportunities that lie ahead.

Celebrity WEB Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins and Herbs. Become a  WebFans  Creator and Influencer. Check the New Special XMicro Razors for Men & Women, 1 Razor, 7 Blade Refills with German Stainless Steel, Lubricated with Vitamin E for Smooth Shave, Shields Against Irritation, Version X

Subscribe to get Latest News Updates

Latest News

You may like more
more

JPMorgan’s 2025 Global Economic Outlook: Resilience Amid Risks

Introduction JPMorgan’s latest "2025 Global Economic Outlook" projects a resilient...

Trump’s Nominations Signal Market Volatility: Insights from Piper Sandler

Key Takeaways from Piper Sandler’s Report 1. Increased Policy Uncertainty Piper...

Stock Market Update: Dow Rebounds Despite Target’s Slump

Introduction The stock market experienced a volatile session but closed...