Tiagong, Citibank has launched Huat Big Big Project Bora Bora as part of grand scheme to overhaul

[k1976]

FINANCE

Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul​

PUBLISHED WED, NOV 15 20238:01 AM ESTUPDATED 32 MIN AGO

Hugh Son@HUGH_SON
WATCH LIVE
KEY POINTS

• Citigroup will soon begin layoffs in CEO Jane Fraser’s corporate overhaul, CNBC has learned.
• Employees affected by the cuts will be informed starting Wednesday, with new dismissals announced daily through early next week, according to people with knowledge of the situation.

 

[k1976]

BREAKING NEWS



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FINANCE

Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul​

PUBLISHED WED, NOV 15 20238:01 AM ESTUPDATED 32 MIN AGO

Hugh Son@HUGH_SON
WATCH LIVE
KEY POINTS

• Citigroup will soon begin layoffs in CEO Jane Fraser’s corporate overhaul, CNBC has learned.
• Employees affected by the cuts will be informed starting Wednesday, with new dismissals announced daily through early next week, according to people with knowledge of the situation.

In this article

• CUNCH

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Jane Fraser, CEO of Citigroup Inc., during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations” at the Economic Club of Washington in Washington, D.C., March 22, 2023.
Valerie Plesch | Bloomberg | Getty Images
Citigroup will soon begin layoffs in CEO Jane Fraser’s corporate overhaul, CNBC has learned.
Employees affected by the cuts will be informed starting Wednesday, with new dismissals announced daily through early next week, according to people with knowledge of the situation.

The move tracks with a timeline set by Fraser in a Sept. 13 memo. She announced five new divisions whose heads report directly to her, resulting in the departure of a handful of senior executives. The next phase of disruption will be “communicated and implemented by the end of November,” and “final changes” will be done by the end of March 2024, Fraser said at the time.
Fraser is under pressure to improve Citigroup, which has been mired in a stock slump as headcount and expenses have ballooned in recent years. The CEO, who took over in March 2021, is at a pivotal moment as she faces deep investor skepticism that the bank can hit performance targets she outlined last year.
Employees who have lost their roles as part of the cuts may be able to apply for other positions, and Citigroup will offer severance pay where eligible, the bank’s human resources chief told workers last month.

 

[k1976]

The move tracks with a timeline set by Fraser in a Sept. 13 memo. She announced five new divisions whose heads report directly to her, resulting in the departure of a handful of senior executives. The next phase of disruption will be “communicated and implemented by the end of November,” and “final changes” will be done by the end of March 2024, Fraser said at the time.

Fraser is under pressure to improve Citigroup, which has been mired in a stock slump as headcount and expenses have ballooned in recent years. The CEO, who took over in March 2021, is at a pivotal moment as she faces deep investor skepticism that the bank can hit performance targets she outlined last year.

Employees who have lost their roles as part of the cuts may be able to apply for other positions, and Citigroup will offer severance pay where eligible, the bank’s human resources chief told workers last month.

The full extent of job cuts are still being determined, but managers and consultants working on the project — known internally by its code name, “Project Bora Bora” — have discussed dismissals of at least 10% of workers in several businesses, CNBC reported last week.

 

[k1976]

The full extent of job cuts are still being determined, but managers and consultants working on the project — known internally by its code name, “Project Bora Bora” — have discussed dismissals of at least 10% of workers in several businesses, CNBC reported last week.

Workers have flocked to internal chat platforms with questions about the impending cuts, according to the people, who declined to be identified speaking about personnel matters.




A Citigroup spokeswoman declined to comment Wednesday beyond the statement it offered to CNBC previously:

“We’ve acknowledged the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but they’re the right steps to align our structure to our strategy and deliver the plan we shared at our 2022 Investor Day.”

 

[k1976]

https://m.investing.com/news/stock-...layoffs-amid-dealmaking-downturn-93CH-3234156

Well Fargo also join Citibank Projecr Bora Bora wagon liao

 

[k1976]

Wells Fargo initiates layoffs amid dealmaking downturn

Wells Fargo initiates layoffs amid dealmaking downturn​

| Editor Nikhilesh Pawar

Published Nov 14, 2023 01:45PM ET

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NEW YORK - Wells Fargo & Co (NYSE:WFC) has begun layoffs within its corporate and investment banking division, affecting 40-50 employees from managing directors to junior staff. This move is a response to a prolonged slump in dealmaking activity, as the bank seeks to streamline operations and manage costs more effectively.

Today, the company confirmed the job cuts as part of a broader cost-cutting strategy that reflects similar actions taken by other financial giants, including Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Deutsche Bank (NYSEB), JPMorgan Chase (NYSE:JPM), and Truist Financial (NYSE:NYSE:TFC).

These firms have all been downsizing their workforces in response to a slowdown in mergers and acquisitions.

The internal memo that announced these changes highlighted the bank's commitment to its corporate and investment banking operations, despite the need for reductions. Wells Fargo boasts a robust talent pool and remains dedicated to delivering on its strategic objectives within this sector.

 

[k1976]

https://theedgemalaysia.com/node/688840

Luckily, our friendly Jiuhu Bank still dun chop people de woh

 

[k1976]

KUALA LUMPUR (Nov 3): CIMB Group Holdings Bhd has refuted allegations circulating on WhatsApp on Friday that it is undertaking a major retrenchment exercise in its wholesale banking business.

“CIMB's wholesale [banking business] is not undergoing a retrenchment exercise. As a leading wholesale banking franchise, CIMB periodically reviews our operating model to align with global best practices. With this in mind, and to provide an enhanced quality of service to our clients, we are making changes to our group wholesale banking organisational structure, in line with our new target operating model.

“A transition and redeployment plan, along with any necessary support, has been put in place to assist those impacted by this exercise. This applies only to our wholesale banking function, and does not impact other parts of the bank,” CIMB said in a late evening statement to The Edge Malaysia, following queries.

 

[k1976]

https://www.google.com/amp/s/www.fo...ffs-number-thousandswith-more-on-the-way/amp/


Recap back in Oct 23

• Big banks have collectively laid off over 20,000 employees, with more rumored to be on the way in the coming months
• The news comes as several of the major banks have performed well financially in the third quarter
• JPMorgan Chase is the only major bank to see positive headcount growth in 2023