CEO is Jane Fraser. She's gone and crashed Citibank. Now once she gets rid of 20k employees, she will claim she boosted shareholder value and have the fixed board give her a fat bonus.

Corporate America for you.


Citi to Cut 20,000 Roles in Fraser's Bid to Boost Returns
https://www.bloomberg.com/news/articles/2024-01-12/citigroup-to-cut-20-000-roles-in-fraser-s-bid-to-boost-returns

Quote:

---

Citigroup Inc. said it will eliminate 20,000 roles in a move that will save it as much as $2.5 billion as part of Chief Executive Officer Jane Fraser's quest to boost the Wall Street giant's lagging returns.
Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said. In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser's broader overhaul of the bank.
The outlook for cost savings helped mask a disappointing fourth quarter, when Citigroup's fixed-income traders turned in their worst performance in five years as the rates and currencies business was stung by a slump in client activity in the final weeks of the year. Revenue from the business slumped 25% to $2.6 billion.
"The fourth quarter was very disappointing," Fraser said in the statement. "Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point."
Shares rose less than 1% in New York. That's after falling 1.8% on Thursday, after the bank reported billions in one-time charges from its restructuring and exposure to troubles in Argentina and Russia.

---

Joe Biden's America.

They're letting go of less than 10% of their headcount. It's still a huge number, but it's a huge company.

But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

Maybe they were just 'fat' and had to cut to stay competitive… unlike the government.

not being paranoid- but a ton of layoffs have been publicized the last two weeks that no one is paying attention to!

January 12 , 2024

Citigroup - 20,000 or 10%

Certinia - Confirms layoffs, No #

Discord - 17% or 170

Hallmark Media - Layoffs , No #

NBC News - < 100

Topic Studios - 20





January 11 , 2024

Pixar Studios - Layoffs reported

Nevro - 5% or 63 workers

Audible - 100

City of Clifton NJ - Layoffs possible

LifeScan - warns of possible layoffs

Google - Confirms around 1,000 layoffs

GXO Logistics Supply Chain in Memphis Tenn. - 200+ Layoffs, Some may reapply to other positions

Playtika ( International ) - 300 to 400

ChargePoint - 198

DTE Energy - Offers 3,000 Buyouts

Gambling group 888 ( International ) - dozens of layoffs

Beam Benefits - 74





January 10 , 2024

C4 Therapeutics - 45

Duolingo - 10% layoffs, replaced by AI

Amazon - Several hundred across Prime Video, Amazon MGM Studios

Logistics leader Uber Freight - Confirms 40 to 50

Trend Micro - 2% of Global Workforce

Great American Media - 13

ABM Industries - 180

8X8 - 20

SoFi Technologies - 7% of workforce

Humane - 10

Jeeper79 said:

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But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

---

Different situation.
Twitter had new management and ownership and the old one was failing and the company never was profitable. The goal was to make it profitable. Twitter is the same or better than it was with 10% of the employees so obviously they were just making Tik Tok videos at work.

This woman has been running Citi for some time. So she screwed up. But she will put others lives in peril while she makes off with a fat bonus for saving the company.

Always wonder when I read about headcount reductions how many duplicates (i.e. corporate bloat), how many are the result of restructure/-organization where functions are no longer needed, decide not to remain in balance certain segment of the market, etc.

SamjamAg said:

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Maybe they were just 'fat' and had to cut to stay competitive… unlike the government.

---

OK, but how did they get fat? But "eating". So whose fault it was that they were pigging out? Their own.
What happens now? A big fat bonus for the person who pigged out.

I wonder if they are going to kick out HR and VP of DEI roles. We had one gay fellow in that role in my previous company. He made a fat salary for spilling his guts about how hard it was to be gay in America all the time.

Jeeper79 said:

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But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

---

Are you serious?

Musk bought a social media company that had never once been profitable and immediately made the changes. Whether or not it will succeed in the long run is still on the table.

This broad was put in charge of a well established, profitable institution and tanked it, then had to lay off employees.

Bit different eh?

Jeeper79 said:

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But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

---

Can you explain how cutting jobs at a company that never had a PE ratio in its entire existence versus cutting jobs at a company that has met or exceeded earnings the last 6 quarters is comparable?

If you can do that, then perhaps your hypocrisy concern would be valid.

infinity ag said:

---

Jeeper79 said:

---

But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

---

Different situation.
Twitter had new management and ownership and the old one was failing and the company never was profitable. The goal was to make it profitable. Twitter is the same or better than it was with 10% of the employees so obviously they were just making Tik Tok videos at work.

This woman has been running Citi for some time. So she screwed up. But she will put others lives in peril while she makes off with a fat bonus for saving the company.

---

Maybe the screwup at Citi was just having too much headcount.

As for Twitter, "better" is subjective, but its value has dropped over 70% in less than 1.5 years.

Jeeper79 said:

---

But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

---

Did Fraser just buy Citi, realized it was ran like ****, and is fixing previous **** ups?

No?

Ok, then.

infinity ag said:

---

CEO is Jane Fraser. She's gone and crashed Citibank. Now once she gets rid of 20k employees, she will claim she boosted shareholder value and have the fixed board give her a fat bonus.

Corporate America for you.


Citi to Cut 20,000 Roles in Fraser's Bid to Boost Returns
https://www.bloomberg.com/news/articles/2024-01-12/citigroup-to-cut-20-000-roles-in-fraser-s-bid-to-boost-returns

Quote:

---

Citigroup Inc. said it will eliminate 20,000 roles in a move that will save it as much as $2.5 billion as part of Chief Executive Officer Jane Fraser's quest to boost the Wall Street giant's lagging returns.
Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said. In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser's broader overhaul of the bank.
The outlook for cost savings helped mask a disappointing fourth quarter, when Citigroup's fixed-income traders turned in their worst performance in five years as the rates and currencies business was stung by a slump in client activity in the final weeks of the year. Revenue from the business slumped 25% to $2.6 billion.
"The fourth quarter was very disappointing," Fraser said in the statement. "Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point."
Shares rose less than 1% in New York. That's after falling 1.8% on Thursday, after the bank reported billions in one-time charges from its restructuring and exposure to troubles in Argentina and Russia.

---

---

Would not have happened under Trump. This administration is tanking the economy , your frustration is misplaced.

Besides the economy is doing so well and unemployment is low , so none of these folks will have problems finding new jobs. The only saving grace would be if a majority of the folks losing their job are part of the 81 million

deddog said:

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infinity ag said:

---

CEO is Jane Fraser. She's gone and crashed Citibank. Now once she gets rid of 20k employees, she will claim she boosted shareholder value and have the fixed board give her a fat bonus.

Corporate America for you.


Citi to Cut 20,000 Roles in Fraser's Bid to Boost Returns
https://www.bloomberg.com/news/articles/2024-01-12/citigroup-to-cut-20-000-roles-in-fraser-s-bid-to-boost-returns

Quote:

---

Citigroup Inc. said it will eliminate 20,000 roles in a move that will save it as much as $2.5 billion as part of Chief Executive Officer Jane Fraser's quest to boost the Wall Street giant's lagging returns.
Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said. In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser's broader overhaul of the bank.
The outlook for cost savings helped mask a disappointing fourth quarter, when Citigroup's fixed-income traders turned in their worst performance in five years as the rates and currencies business was stung by a slump in client activity in the final weeks of the year. Revenue from the business slumped 25% to $2.6 billion.
"The fourth quarter was very disappointing," Fraser said in the statement. "Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point."
Shares rose less than 1% in New York. That's after falling 1.8% on Thursday, after the bank reported billions in one-time charges from its restructuring and exposure to troubles in Argentina and Russia.

---

---

Would not have happened under Trump. This administration is tanking the economy

---

Ummmm, Trump started the economy tanking/inflationary spiral. Biden just "turned it up a notch".

Jeeper79 said:

---

infinity ag said:

---

Jeeper79 said:

---

But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

---

Different situation.
Twitter had new management and ownership and the old one was failing and the company never was profitable. The goal was to make it profitable. Twitter is the same or better than it was with 10% of the employees so obviously they were just making Tik Tok videos at work.

This woman has been running Citi for some time. So she screwed up. But she will put others lives in peril while she makes off with a fat bonus for saving the company.

---

Maybe the screwup at Citi was just having too much headcount.

As for Twitter, "better" is subjective, but its value has dropped over 70% in less than 1.5 years.

---

Funny how every one has high headcount when a Democrat is President.

Biden administration reports no jobs lost just roles.

I don't see this as a huge deal. I'll bet plenty of huge corporations could find 10% of their workforce that could be cut and not missed.

BigRobSA said:

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deddog said:

---

infinity ag said:

---

CEO is Jane Fraser. She's gone and crashed Citibank. Now once she gets rid of 20k employees, she will claim she boosted shareholder value and have the fixed board give her a fat bonus.

Corporate America for you.


Citi to Cut 20,000 Roles in Fraser's Bid to Boost Returns
https://www.bloomberg.com/news/articles/2024-01-12/citigroup-to-cut-20-000-roles-in-fraser-s-bid-to-boost-returns

Quote:

---

Citigroup Inc. said it will eliminate 20,000 roles in a move that will save it as much as $2.5 billion as part of Chief Executive Officer Jane Fraser's quest to boost the Wall Street giant's lagging returns.
Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said. In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser's broader overhaul of the bank.
The outlook for cost savings helped mask a disappointing fourth quarter, when Citigroup's fixed-income traders turned in their worst performance in five years as the rates and currencies business was stung by a slump in client activity in the final weeks of the year. Revenue from the business slumped 25% to $2.6 billion.
"The fourth quarter was very disappointing," Fraser said in the statement. "Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point."
Shares rose less than 1% in New York. That's after falling 1.8% on Thursday, after the bank reported billions in one-time charges from its restructuring and exposure to troubles in Argentina and Russia.

---

---

Would not have happened under Trump. This administration is tanking the economy

---

Ummmm, Trump started the economy tanking/inflationary spiral. Biden just "turned it up a notch".

---

I don't recall Trump trying to destroy O&G, waste money on fighting other peoples wars and permeating DEI hiring everywhere. It's not even close.

deddog said:

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BigRobSA said:

---

deddog said:

---

infinity ag said:

---

CEO is Jane Fraser. She's gone and crashed Citibank. Now once she gets rid of 20k employees, she will claim she boosted shareholder value and have the fixed board give her a fat bonus.

Corporate America for you.


Citi to Cut 20,000 Roles in Fraser's Bid to Boost Returns
https://www.bloomberg.com/news/articles/2024-01-12/citigroup-to-cut-20-000-roles-in-fraser-s-bid-to-boost-returns

Quote:

---

Citigroup Inc. said it will eliminate 20,000 roles in a move that will save it as much as $2.5 billion as part of Chief Executive Officer Jane Fraser's quest to boost the Wall Street giant's lagging returns.
Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said. In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser's broader overhaul of the bank.
The outlook for cost savings helped mask a disappointing fourth quarter, when Citigroup's fixed-income traders turned in their worst performance in five years as the rates and currencies business was stung by a slump in client activity in the final weeks of the year. Revenue from the business slumped 25% to $2.6 billion.
"The fourth quarter was very disappointing," Fraser said in the statement. "Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point."
Shares rose less than 1% in New York. That's after falling 1.8% on Thursday, after the bank reported billions in one-time charges from its restructuring and exposure to troubles in Argentina and Russia.

---

---

Would not have happened under Trump. This administration is tanking the economy

---

Ummmm, Trump started the economy tanking/inflationary spiral. Biden just "turned it up a notch".

---

I don't recall Trump trying to destroy O&G, waste money on fighting other peoples wars and permeating DEI hiring everywhere. It's not even close.

---

Ok, cool.

He still spent more than Obama's 8, in just 4, and made the printers go "brrrrrr" for COVID monies.

Libs gonna lib.

deddog said:

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Jeeper79 said:

---

infinity ag said:

---

Jeeper79 said:

---

But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

---

Different situation.
Twitter had new management and ownership and the old one was failing and the company never was profitable. The goal was to make it profitable. Twitter is the same or better than it was with 10% of the employees so obviously they were just making Tik Tok videos at work.

This woman has been running Citi for some time. So she screwed up. But she will put others lives in peril while she makes off with a fat bonus for saving the company.

---

Maybe the screwup at Citi was just having too much headcount.

As for Twitter, "better" is subjective, but its value has dropped over 70% in less than 1.5 years.

---

Funny how every one has high headcount when a Democrat is President.

---

Trump juiced the already-fine economy he inherited by cranking up the budget deficits. I won't lay Covid on him, but he did absolutely support all those business bail out programs that invited historical levels of fraud against the federal government as well as direct cash infusions that began the cycle of inflation we see today.

jja79 said:

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Joe Biden's America.

---

I have faith they'll find a republican to blame.

If we see the Big 6 banks laying off people it's because they about to gobble up a bunch of smaller banks.

SamjamAg said:

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Maybe they were just 'fat' and had to cut to stay competitive… unlike the government.

---

The federal government (and most blue state governments) could lay off a third of the non-military employees and still be fat.

Even the civilian employees at the Pentagon could be well-trimmed.

So, jobs are now "roles". Bloomberg attempting to put lipstick on a pig.

The watchword for 2024 in the banking business is shrink.

Note the use of language.

Roles.

Not jobs. Clearly, roles means jobs, but it does not look as bad at a glance.

Jeeper79 said:

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But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

---

Twitter was actually a mess.

And they were a corrosive effect on society.

Stat Monitor Repairman said:

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If we see the Big 6 banks laying off people it's because they about to gobble up a bunch of smaller banks.

---

I don't know a single bank that is looking to grow headcount. We will hire quality talent if available, but I'm not looking to replace staff if they leave. We are figuring out how to do more with less.

The cost of capital combined with a growing regulatory burden is dramatically impacting the ability for banks to make money. Add increasing credit risk to the equation and layoffs make sense.

Specific to acquisitions, it makes sense on a scale level, but the picture is very cloudy. Most bank stocks are trading down significantly which limits premium/upside for the acquired institution. Bond portfolios would have to be marked to market at acquisition which creates losses that no one wants to deal with.

Jeeper79 said:

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But when Twitter does it, it's just good business, right? I'm not saying either is right or wrong. Just pointing out the blatant hypocrisy.

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Did OP post saying its good business in another thread?

Nike

Cinco Ranch Aggie said:

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Note the use of language.

Roles.

Not jobs. Clearly, roles means jobs, but it does not look as bad at a glance.

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Jobs will be created and roles will be eliminated. Biden's economic and unemployment numbers are going to look amazing rolling into the election!

Are they laying off the "fixed income traders" too?