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Citigroup Laying Off 10% of Workforce
Citigroup Laying Off
20K Workers

Citigroup Laying Off 20K Workers

Streamlining under CEO Jane Fraser continues

(Newser) - Citigroup is shrinking: The banking giant said Friday it will lay off 20,000 workers, or 10% of its workforce, by 2026, reports the Wall Street Journal . The news came as Citi posted a $1.8 billion loss in the fourth quarter, compared to a $2.5 billion profit a...

From Citi, a 'Breakthrough Moment' on Abortion Rights

Company says it will pay travel expenses for employees who need to get to abortion clinics

(Newser) - Increasingly rigid abortion legislation is making inroads across the nation, including in Texas , Mississippi , and Idaho , and now one major corporation is responding. In a Wednesday letter to shareholders, Citigroup announced it would cover some of the costs for employees who need to travel to access abortion services. "In...

Citigroup Bans Zoom for Workers, but Only on Fridays

For one day a week, employees won't have to take part in Zoom meetings

(Newser) - Does the thought of yet another videoconference with colleagues make you want to stick a Post-it over your laptop camera? One global company hears that and is taking measures. "After listening to colleagues around the world, it became apparent we need to combat the 'Zoom fatigue' that many...

Citigroup to Sell Nearly $1.4B in Venezuelan Gold

After Maduro's government fails to repay loan

(Newser) - Before the US stepped up sanctions on Nicolas Maduro's government, Citigroup struck a deal with Venezuela—and with part of that deal having expired, the bank plans to sell several tons of gold Venezuela had offered as collateral in what Reuters calls a "setback" for Maduro. His government...

Kushner Met With Finance Execs. Then Came 2 Big Loans

Kushner Companies, Citigroup, Apollo deny wrongdoing: NYT

(Newser) - Another report calling into question Jared Kushner's business ties is in the news. The New York Times reports that Kushner's family business received two big loans from bankers after they met with Kushner at the White House. The first, a $325 million loan to Kushner Companies and a...

Bank CEOs Fooled by Notorious Email Prankster

No sensitive information was shared

(Newser) - Falling for a phishing scam is bad. Falling for a phishing scam when you're the CEO of a major bank, well, that's worse—and the unfortunate reality for Goldman Sachs' Lloyd Blankfein and Citigroup's Michael Corbat. The unsuspecting chief executives, along with Citigroup consumer-banking chief Stephen Bird,...

Citigroup Sues AT&T for Saying 'Thanks'

Citigroup trademarked the phrase 'ThankYou' in 2010

(Newser) - Better think twice next time you want to express gratitude. Reuters reports Citigroup filed a lawsuit Friday because AT&T is using the word "thanks." Citigroup has been using the phrase "ThankYou" in marketing for customer loyalty programs since 2004, and it trademarked the phrase in 2010....

Biggest Banks Can Handle 'Severe' Recession: Fed

Reserve's 'stress tests' show 31 banks stronger than ever since 2008 crisis

(Newser) - All of the nation's 31 largest banks are adequately fortified to withstand a severe US and global recession and keep lending, the Federal Reserve said yesterday. Results of the Fed's annual "stress tests" show that as a group, the 31 banks are stronger than at any time...

Sources: NYC Banker May Have Slashed Own Throat

Knife was found under Shawn Miller's body, suicide now suspected

(Newser) - A prominent banker found dead in his bathtub with his throat slashed ear-to-ear may have taken his own life, according to police sources. Shawn Miller, Citigroup's managing director of environmental services, was initially thought to have been the victim of foul play, but a knife was found under his...

Feds, BofA Strike $17B Settlement

Justice announces largest deal it's ever reached

(Newser) - The Justice Department has announced a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis. The deal announced today calls for the bank, the second-largest in the US, to pay a $5 billion cash...

BofA, Feds Near Biggest Settlement in US History

Justice Dept. deal would cost bank $16B-$17B for foreclosure mess

(Newser) - Bank of America is headed toward the biggest settlement to arise from the 2008 financial crash, a deal with the Justice Department reportedly worth $16 billion to $17 billion over its role in the sale of mortgage-backed securities, a source directly familiar with the matter tells the AP . The tentative...

Citi to Pay $7B Fine Shaped by ... Benghazi Arrest?

Justice Department delayed lawsuit for publicity reasons

(Newser) - Citigroup today agreed to shell out $7 billion to settle allegations stemming from its role in the mortgage crisis. The deal will consist of $4.5 billion in cash and $2.5 billion in consumer relief, the Wall Street Journal reports. The penalty is notably lower than the $13 billion...

Banks Rein in Rogue Traders —By Banning Chat Rooms

Allegedly used for collusion, 'crude banter'

(Newser) - A host of big banks are considering restricting their traders' use of chat rooms, or in some cases blocking them outright, as regulators zero in on them as potential hotbeds of collusion and insider trading, sources tell the Wall Street Journal and Financial Times . Traders around the world have for...

As Default Looms, Investors Scurry to Unload US Bonds

Banks steer clear of short-term US debt

(Newser) - Worried over the possibility of default, investors and banks aren't taking chances: They're selling off billions of dollars of US debt, the Wall Street Journal reports. Banks have cut their government debt holdings by some 50% in the past two weeks, New York's Federal Reserve says. Additionally,...

Citigroup Ponies Up $730M in Investor Lawsuit

Denies misleading, says it settled to avoid more expenses

(Newser) - Citigroup has agreed to pay $730 million to settle a class-action lawsuit that claimed investors were misled by the bank's disclosures when they purchased its debt and preferred stock. The investors' purchases were made from May 11, 2006, through Nov. 28, 2008. Citigroup Inc. denied the allegations and said...

Really? A Failed Citibanker for Treasury Secretary?

The Wall Street Journal isn't impressed by Jack Lew

(Newser) - Few Wall Street denizens were laughing during the 2008 financial crisis, but if someone had said the head of Citigroup's Alternative Investments unit would be Treasury Secretary in five years "the line would have brought the house down," a Wall Street Journal editorial quips today. Jack Lew'...

Soft Demand? Apple Reins In iPhone Orders

Market share slipping, firm orders half the number of screens it had intended

(Newser) - The iPhone 5 may not be selling quite so well as Apple planned. Insiders tell the Wall Street Journal that lower demand has prompted the company to cut parts orders for the January-March quarter. Apple is reportedly ordering just half the screens it had intended to order, a move that...

Citigroup: We're Cutting 11K Jobs

Bank says move will save $900M in 2013

(Newser) - Citigroup says it will eliminate more than 11,000 jobs in an effort to cut expenses and improve efficiency. The cuts will result in about $1 billion in charges in the fourth quarter and about $100 million in charges during the first half of next year, the company said today....

Report: Pandit Clashed With Citi Board

Employees reportedly shocked over his departure

(Newser) - Vikram Pandit's sudden Citigroup exit this morning came following "a clash" with the bank's board over "strategy and operating performance," the Wall Street Journal reports, based on an anonymous source. The departure blindsided Citi employees, many of whom found out via media reports. "There'...

Citigroup CEO Steps Down
 Citigroup CEO 
 Steps Down 

Citigroup CEO Steps Down

Vikram Pandit, COO John Havens out; Michael Corbat to take over

(Newser) - Citigroup CEO Vikram Pandit is leaving his post effective immediately, to be replaced by the bank's Europe, Middle East, and Africa head, Michael Corbat, Reuters reports. Chief operating officer John Havens is also stepping down, notes the AP . "Now is the right time for someone else to take...

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