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Ceo Jane Fraser

All articles tagged with #ceo jane fraser

business2 years ago

Warren Buffett Urges Citigroup CEO to Press On with Overhaul Amid Layoffs

Citigroup CEO Jane Fraser revealed that Warren Buffett encouraged her to continue the bank's reorganization efforts during a recent lunch meeting, following the announcement of 20,000 job cuts. The reorganization, initiated in September, will see further job eliminations starting the week of Jan. 22. Buffett's Berkshire Hathaway Inc., a major Citigroup shareholder, confirmed the meeting but did not disclose details of the conversation.

via Fortune|
#business#ceo-jane-fraser#citigroup
finance2 years ago

"Warren Buffett Encourages Citigroup CEO to Persist with Overhaul Amid Layoffs"

Citigroup CEO Jane Fraser discussed her bank's reorganization efforts with Warren Buffett, who encouraged her to continue with the overhaul. Fraser is leading Citi's significant revamp to simplify the bank and boost profits, with Buffett's Berkshire Hathaway having made a $3 billion bet on Citi in 2022. The reorganization includes eliminating leadership roles, and Fraser indicated that more details about the next round of changes would be shared soon.

via Reuters|
#berkshire-hathaway#ceo-jane-fraser#citigroup
business2 years ago

"Citigroup Announces 20,000 Job Cuts in Corporate Overhaul"

Citigroup plans to lay off 20,000 employees over the next two years as part of a restructuring effort following a $1.8 billion net loss in the fourth quarter of 2023. The bank expects the reduction in headcount to save $2.5 billion over the long-term and aims to shed 40,000 employees from its Mexican retail unit through an IPO. CEO Jane Fraser's restructuring plans also include rearranging the bank's leadership and increasing accountability to boost the share price.

via CNN|
#business#ceo-jane-fraser#citigroup
business2 years ago

Citigroup Contemplates 10% Job Cuts in Overhaul Effort

Citigroup is considering job cuts of at least 10% in several major businesses as part of CEO Jane Fraser's reorganization plan, according to sources. The bank, which has warned of job cuts as part of a sweeping overhaul, has hired Boston Consulting Group for the plan. The discussions are in the early stages and the number of job cuts could change. Fraser's push to simplify the bank and boost its stock price may result in job cuts beyond 10% for executives. Last month, Citi announced it would reduce management layers and eliminate functional roles and committees.

via Reuters|
#business#ceo-jane-fraser#citigroup
business2 years ago

"Citigroup CEO Streamlines Bank Operations and Implements Job Cuts"

Citigroup CEO Jane Fraser has announced a major management reorganization aimed at simplifying the bank's structure and improving profitability. The heads of the bank's five businesses will now report directly to Fraser, and job cuts are expected as a result. The reorganization will eliminate unnecessary complexity and consolidate international leadership roles. The number of positions being eliminated and the financial impact have not been estimated yet. This move is part of Fraser's strategy to meet the bank's restructuring targets and improve shareholder value.

via Reuters|
#business#ceo-jane-fraser#citigroup