[ Citigroup’s profit fell in the first quarter as it spent more on severance payments for laid-off employees and set aside money to refill a government deposit insurance fund. Net income fell to $3.4 billion, or $1.58 per share, in the three months ended March 31, the bank said on Friday. That compares with $4.6 … Read more
[ Citigroup Inc has announced a major restructuring plan under CEO Jane Fraser‘s leadership, aiming to eliminate 20,000 roles. This move, integral to Fraser’s strategy, is expected to save the company as much as $2.5 billion, positioning it for stronger returns in the coming years.Challenging timesDespite the planned savings, Citigroup braces for immediate costs.”In the … Read more
[ Citigroup on Friday reported a $1.8 billion loss for the fourth quarter as it recorded charges to refill a government deposit insurance fund and carry out a sweeping internal reorganization. CEO Jane Fraser called the results “very disappointing,” but expects this year to be a turning point. “We made substantial progress simplifying Citi and … Read more
