New York Attorney General Letitia James has filed a lawsuit against Citibank, alleging that the bank's poor online security practices have contributed to scammers stealing millions from customers. The lawsuit claims that Citibank has illegally refused to reimburse fraud victims, leading to devastating financial losses for many. Citibank defended its security and refund practices, stating that it closely follows all laws and regulations related to wire transfers and works to prevent threats. The lawsuit seeks a permanent injunction against Citibank, an accounting of customer losses, payment of restitution and damages to harmed consumers, and civil penalties.
JPMorgan Chase CEO Jamie Dimon has made significant leadership changes, positioning potential successors Jennifer Piepszak and Marianne Lake in key roles within the bank. The reorganization also highlights Daniel Pinto as an immediate candidate for the CEO role. The move comes as JPMorgan reports record profits and speculation continues about Dimon's eventual retirement. The bank's succession plan remains a topic of interest, with the challenge of retaining top talent and ensuring a smooth transition of power.
Citigroup plans to cut about 20,000 jobs by the end of 2026, which amounts to approximately 10% of its workforce, excluding its Mexico business. This move is part of the bank's significant restructuring plan and cost-cutting efforts, announced alongside a fourth-quarter loss.
