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Citigroup CEO Jane Fraser got a 6% pay bump for her performance in 2023, a year the bank's profits dropped 38% and Fraser began a dramatic restructuring that will result in an estimated 20,000 job cuts. The board awarded her total compensation of $26 million, ... The $26 million for Fraser was the lowest among CEO rivals at JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley, who received between $29 million and $37 million. Bank of America's Brian Moynihan was the only CEO among this group to experience a compensation decline. ... Fraser had a lot...

acknowledging a "clearly disappointing" quarter marred by one-off charges that resulted in a $1.8 billion loss. ... in the middle of a multi-year effort to cut bureaucracy, increase profits and boost a stock that has lagged peers ... "The fourth quarter was very clearly disappointing," CEO Jane Fraser .. We know that 2024 is critical." ... layoffs from the sweeping reorganization, Chief Financial Officer Mark Mason ... Citi will also no longer count 40,000 jobs when it spins off and lists its Mexican consumer unit Banamex in an eventual initial public offering, eventually aiming to reach a staffing level of...

Citigroup warned investors late Wednesday that charges tied to the decline of the Argentine peso as well as the bank’s reorganization came in far higher than recently disclosed. The bank said its fourth-quarter results, scheduled to be released Friday morning, were impacted by $880 million in currency conversion losses from the peso and $780 million in restructuring charges tied to CEO Jane Fraser’s corporate simplification project. Those charges are significantly larger than the “couple hundred million dollars” apiece that CFO Mark Mason told investors to expect at a Dec. 6 conference hosted by Goldman Sachs. ... They gave guidance just...

Ten members of the banking community are working with the New York Innovation Center (NYIC), which is part of the Federal Reserve Bank of New York, to explore the feasibility of the regulated liability network (RLN) — an interoperable digital money platform. The proposed RLN would use distributed ledger technology to improve financial settlements and would include central banks, commercial banks and regulated non-banks, the participating firms said Tuesday (Nov. 15) in a press release. “The 12-week PoC [proof of concept] will test a version of the RLN design that operates exclusively in U.S. dollars where commercial banks issue simulated...

Jane Fraser said that it was important for employees to collaborate Other Wall Street bosses have expressed frustration at staff working from home Ms Fraser is more open to idea of flexible working than other banking bosses But, at the World Economic Forum in Davos, she said a line had to be drawn Larry Fink, of BlackRock, simply said that ‘remote working has not worked' The British boss of Wall Street banking giant Citigroup yesterday warned that slackers working from home will be hauled back to the office for coaching. Jane Fraser said that it was important for employees to...

Citigroup (C.N) employees expect announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganization ... Employees are awaiting more details about the scale of layoffs at the bank, which employs 240,000 people worldwide. .... Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. In the two top layers of leadership, Citi reduced 15% of functional roles and eliminated 60 committees, ... The third-largest U.S. lender will also eliminate co-heads of divisions and regional roles, cut 50% of internal financial management reporting...

Citi has fired one of its personal bankers after she defended Hitler and the holocaust in a vile anti-Semitic post following the Hamas terror attacks. CUNY Brooklyn College graduate Nozima Husainova, 25, sparked outrage with the remark which she posted on her now-deleted Instagram page and she's since lost her job, the bank confirmed Thursday. Responding to a post about the Gaza hospital bombing that Israel has denied, she wrote: 'No wonder why Hitler wanted to get rid of them all,' complete with a smiley face emoji.

Former President Bill Clinton and First Lady Hillary Clinton donated thousands of dollars to a Brooklyn public relations specialist still in a coma after a Brooklyn Citi Bike crash, the Daily News learned Sunday. Jacob Priley, who recently served as a chief of staff to a Manhattan state senator, suffered a traumatic brain injury after the incident, in which he slammed into a 2017 Nissan Rogue near the corner of Union St. and Fifth Ave. in Park Slope on Sept. 22, friends and family previously told The News. Priley, 29, wasn’t wearing a helmet when he was thrown off the...

Florida’s Governor Ron DeSantis is raising money at a $6,600-a-head luncheon at the Yale Club in New York, hosted by former George W. Bush administration officials including William Heyman and Nick Sinatra.Heyman, formerly of Citigroup, was appointed director of the Securities Investor Protection Corporation (SIPC) by Bush, and sits on a Federal Reserve Bank of New York committee and the neocon Council on Foreign Relations. Sinatra, a real estate developer, was an associate political director at the Bush White House.DeSantis’s fundraising in New York is not just controversial for his association with these “GOP throwbacks”, as POLITICO describes them. He...

Anti-ESG crusader Consumers’ Research is set to parade mobile billboards on streets in the heart of Washington Thursday as top government officials and influential voices gather at an event to discuss energy and green initiatives ... featured speakers include Department of Energy Secretary Jennifer Granholm, Democrat Sen. Ed Markey of Massachusetts, and sustainability executives at Citi and Microsoft .. in the battle to implement and enforce ESG standards to combat climate change. ... we will be reminding them of what their far-left ESG agenda really means,” said Consumers’ Research Executive Director Will Hild. “The Biden administration and woke corporations continue...

Regulators closed troubled Silicon Valley Bank after deposit outflows and a failed capital raise plunged the country's 16th largest bank into crisis, roiling the larger lending industry. It became the largest bank to fail since Seattle's Washington Mutual during the height of the 2008 financial crisis, and the first since 2020. Treasury Secretary Janet Yellen acknowledged the industry turmoil Friday, saying there are "a few" banks the department is closely watching. "There are recent developments that concern a few banks that I'm monitoring very carefully and when banks experience financial loss it is and should be a matter of concern,"...

While waiting on the February jobs report from the US Bureau of Labor Statistics (BLS), I noticed that the big 4 banks (Bank of America, JPMorgan Chase, Citi and Wells Fargo) are drowning in net realized losses as The Federal Reserve combats 1) too many years of loose monetary policy under former Fed Chair Janet Yellen and 2) too much spending under Pelosi, Schumer and … McConnell. At a micro level, we have Silicon Valley Bank (SVB) SVB Is racing to prevent a bank run as funds advise pulling cash. Panic is spreading across the financial world as concerns about...

Citigroup told employees on Thursday that it would require vaccination against Covid-19 as a condition of employment in the United States, making it the first major bank to issue such a mandate. “It has become crystal clear that Covid-19 will not be going away anytime soon,” Sara Wechter, the company’s head of human resources, wrote in a LinkedIn post describing the new policy. Ms. Wechter cited two catalysts for the decision. First, because the bank does business with the federal government, it has an obligation to comply with President Biden’s executive order requiring vaccination for people working on government contracts....

UPDATE: @Citibank says it will “not support candidates who do not respect the rule of law” and will “pause contributions" to the GOP members who objected. It is the fourth major corporation to take such a step.

Global bank Citi is starting a new commercial firearms policy within the U.S. "to do our part as a company to prevent firearms from getting into the wrong hands," the company said today. The new policy requires its new retail sector clients and partners to follow several practices: not sell guns to someone who didn't pass a background check; not sell bump stocks and high-capacity magazines; and not sell guns to people under 21 years old. Ed Skyler, Citi's head of global public affairs, said Citi has a few relationships with companies that manufacture guns, and for those relationships, "We...

For too many years, in too many places, our country has seen acts of gun violence that have resulted in heartbreaking losses. We are all too familiar with them and there is no need to recount them here. Over the same amount of time, we have waited for our grief to turn into action and see our nation adopt common-sense measures that would help prevent firearms from getting into the wrong hands. That action has sadly never come and as the weeks pass after the most recent mass shooting, it appears we are stuck in the same cycle of tragedy...

Last week, AT&T launched a new loyalty program dubbed AT&T Thanks, offering rewards to customers, especially those who bundle together wireless and pay-TV services from the company. This morning, Citi fired back at the Death Star, alleging that AT&T is stomping all over Citi’s “ThankYou” trademark. For several years, Citi has had trademarks protecting its “ThankYou from Citi” credit card rewards program, while AT&T more recently filed with the U.S. Patent and Trademark Office for its “AT&T Thanks” mark. That AT&T mark was published for opposition this week, and it looks like Citi has a problem with it. Citi has...

Trump is Owned by EVERY Bank on Wall St. (Except Citi, Who He Stiffed for $300M)...

The global economy seems trapped in a "death spiral" that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned. Some analysts -- including those at Citi -- have turned bearish on the world economy this year, following an equity rout in January and weaker economic data out of China and the U.S. "The world appears to be trapped in a circular reference death spiral," Citi strategists led by Jonathan Stubbs said in a report on Thursday. "Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global...

Sen. Ted Cruz (R-Texas) reportedly failed to disclose a second loan for as much as $500,000 from Citibank to fund his 2012 Senate campaign, according to a letter he sent to the Federal Election Commission (FEC) on Thursday. The disclosure comes after the Republican presidential candidate was already facing scrutiny for failing to adequately report a Goldman Sachs loan of up to $500,000 he also used to fund his 2012 bid. The one-page letter, obtained by The New York Times, said both loans were "inadvertently omitted" from the required filings. The Citibank loan was a line of credit, according to...