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Jane Fraser

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finance1 year ago

"Citigroup's First-Quarter Profits Exceed Expectations Amid Overhaul and Rising Costs"

Citigroup exceeded analysts' expectations with first-quarter revenue of $21.10 billion, driven by strong performance in investment banking and trading operations. Despite a 27% drop in profit to $3.37 billion, the bank saw a 35% increase in investment banking revenue and surpassed estimates in fixed income and equities trading. CEO Jane Fraser's corporate overhaul is on track, with a focus on simplifying management structure and reducing costs. Analysts are now looking to Citigroup's ability to maintain its full-year revenue and expense targets, following similar reports from JPMorgan Chase and ahead of Goldman Sachs' report on Monday.

via CNBC|
#citigroup#finance#investment-banking
finance2 years ago

"Warren Buffett Urges Citi CEO to Persist with Overhaul"

Citigroup CEO Jane Fraser revealed that Warren Buffett encouraged her to continue the bank's reorganization efforts during a recent lunch meeting. The billionaire investor's company, Berkshire Hathaway, is one of Citigroup's largest shareholders. Although the details of the conversation were not disclosed, the meeting signals Buffett's support for Citigroup's restructuring plans.

via Bloomberg|
#berkshire-hathaway#citigroup#finance
finance2 years ago

"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
finance2 years ago

"Citigroup Faces Quarterly Loss as Charges Soar and Reserves Build"

Citigroup warned investors that charges related to the decline of the Argentine peso and restructuring efforts came in significantly higher than previously disclosed, potentially leading to a $1 per share fourth-quarter loss. CEO Jane Fraser's restructuring aims to make the bank leaner and more profitable, but the increased charges have raised concerns about the bank's credibility with investors. Despite skepticism, banking analyst Mike Mayo recommends Citigroup stock, noting its potential for growth.

via CNBC|
#charges#citigroup#finance
business2 years ago

Citigroup's CEO Jane Fraser Implements Overhaul, Shuts Down Distressed-Debt and Municipal-Bond Units

Citigroup is closing its global distressed-debt business as part of CEO Jane Fraser's ongoing efforts to overhaul the bank and improve its performance. This move follows the recent closure of the bank's municipal-bond trading operations. The distressed-debt group, which employs around 40 people, trades bonds and securities of companies in or approaching bankruptcy. Citigroup is exiting businesses with poor returns to meet Fraser's performance targets.

via CNBC|
#business#citigroup#closures
business2 years ago

Citigroup Extends Remote Work Policy Through New Year

Citigroup has informed most of its employees that they can work remotely for the final two weeks of December, allowing them to log in from anywhere in their country of employment. This comes as employees are on edge due to CEO Jane Fraser's corporate reorganization, which has already led to executive departures and the closure of the firm's municipal bond business. Citigroup's review of the bank is expected to be completed by the end of March, and severance expenses tied to the project will be disclosed in January and April.

via CNBC|
#business#citigroup#corporate-reorganization
business2 years ago

Citi's Muni Business Closure Signals End of Rivalry

Citigroup is shutting down its municipal business, a move driven by CEO Jane Fraser's efforts to improve the bank's overall returns. The decision comes as the business has fallen in the rankings for underwriting state and local debt and no longer aligns with Citigroup's goal of becoming the premier bank for large multinational corporations. The unit's profitability was further impacted by being frozen out of deals in Texas due to the bank's firearms policies. The wind down is expected to be completed by the end of Q1 2023, affecting around 100 employees. Citigroup will continue to work with transportation and healthcare entities on public-private partnerships and invest in municipal bonds.

via Yahoo Finance|
#business#citigroup#financial-targets
business2 years ago

Citigroup's 'Project Bora Bora' May Lead to Significant Layoffs

Citigroup CEO Jane Fraser is implementing a major reorganization called "Project Bora Bora," which is expected to include significant layoffs in the coming months. The bank has already begun cutting its workforce, but the exact number of job cuts is unknown. The impending layoffs have caused anxiety among employees, with morale reportedly low. Fraser aims to streamline operations and eliminate unnecessary complexity across the bank. If an additional 10% of staff are let go, it would be one of the largest job cuts on Wall Street in years. Citigroup declined to confirm the report but will provide more information when it reports fourth-quarter earnings in January 2024.

via New York Post |
#business#citigroup#jane-fraser
business2 years ago

"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
banking2 years ago

"Trailblazing Lynn Martin: From Unconventional Path to NYSE President, One of the Most Powerful Women in Finance"

The 21st annual list of the Most Powerful Women in Banking has been released, with Jane Fraser of Citi securing the top spot for the third consecutive year. While banks claim to prioritize gender diversity, Fraser remains the only female CEO among the largest banks. The list includes C-suite executives and group heads from both large and small banks, showcasing notable leaders such as Marianne Lake, Jennifer Piepszak, Stacey Friedman, Lori Beer, Priscilla Sims Brown, and Jill Castilla.

via American Banker|
#banking#citi#female-ceos
business2 years ago

Citigroup's CEO Jane Fraser Implements Uncomfortable Changes and Job Cuts to Narrow Gap with Rivals

Citigroup CEO Jane Fraser is implementing significant changes to the bank in an effort to boost its stock performance. The restructuring aims to flatten hierarchies, accelerate decision-making, and increase accountability. While the number of job losses remains undisclosed, Fraser acknowledged that the changes would be uncomfortable for many employees. Citigroup's stock has underperformed compared to its rivals, and Fraser is determined to narrow the gap. The bank's strategy includes focusing on global trade flows and expanding its wealth management division. The reorganization seeks to address Citigroup's inefficiency in cost management. The changes involve the creation of five business lines and the addition of new executive management members to Fraser's team.

via Fortune|
#business#citigroup#financial-industry
business2 years ago

"Citigroup CEO Jane Fraser Implements Major Restructuring, Cuts Jobs"

Citigroup is undergoing its biggest shake-up in almost two decades as Jane Fraser, the incoming CEO, gains more control over the company. This move is seen as an effort to improve corporate governance and address concerns about the bank's performance. Fraser's increased authority comes as Citigroup faces regulatory scrutiny and pressure to improve its risk management practices.

via Financial Times|
#business#citigroup#corporate-governance
business2 years ago

Citigroup CEO Jane Fraser Implements Bold Restructuring Plan

Citigroup CEO Jane Fraser is making significant changes to the bank's executive ranks, aiming to streamline operations and improve performance. The shake-up includes the departure of several top executives and the creation of new leadership roles. Fraser's moves are part of her broader strategy to reposition Citigroup and address long-standing challenges faced by the bank.

via The Wall Street Journal|
#business#ceo#citigroup