Reported 1 day ago
Citigroup is implementing further job cuts as part of a cost-reduction strategy initiated by CEO Jane Fraser. This week, the bank is letting go of several managing directors from its wealth and technology divisions, alongside other layoffs in data analysis teams. Notably, co-chief information officer Shadman Zafar is retiring. These changes follow a significant restructuring last year aimed at boosting earnings and improving data governance. Despite these challenges, Citigroup's stock has seen significant gains, and the bank plans to list its Mexican unit, Banamex, though it may face delays.
Source: YAHOO