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Corporate Overhaul

All articles tagged with #corporate overhaul

finance2 years ago•1 min saved

"Citigroup Reports $1.8 Billion Loss in 4Q 2023 Earnings"

Citigroup reported a $1.8 billion fourth-quarter loss due to charges related to overseas risks, last year's regional banking crisis, and CEO Jane Fraser's corporate overhaul. The charges impacted quarterly earnings by $4.66 billion, or $2 per share. Excluding their impact, earnings would've been 84 cents a share. The bank also announced plans to exit municipal bond and distressed debt trading operations as part of a corporate reorganization.

via CNBC|

#charges #citigroup #corporate-overhaul

business2 years ago•4 min saved

"Citigroup's CEO Jane Fraser Contemplates Radical Overhaul, Including Deep Job Cuts and Potential Closure of Muni-Bond Business"

Citigroup CEO Jane Fraser's corporate overhaul, known as "Project Bora Bora," may result in job cuts of at least 10% in several major businesses, according to sources. Fraser is under pressure to fix the struggling bank, which has fallen behind rivals since she took over in 2021. The potential layoffs, which would be one of Wall Street's deepest rounds of dismissals in years, aim to reduce expenses and increase efficiency. Fraser aims to boost Citigroup's returns to at least 11% in the next few years, but revenue growth may be challenging, leaving cost-cutting as the primary lever. The ultimate number of layoffs will be determined in the coming weeks, with executives expected to see cuts beyond 10%.

via CNBC|

#business #citigroup #corporate-overhaul