Citigroup is considering job cuts of at least 10% across its major businesses as part of a reorganization plan.
Citigroup's rates and currencies traders posted their best third quarter in at least eight years, resulting in a $2.8 billion windfall.
The former investment banking chief of Credit Suisse has joined Santander.
Citigroup Inc., the New York-based financial services corporation, is reportedly considering job cuts of at least 10% across its major businesses. This comes as part of CEO Jane Fraser's reorganization plan, known internally as 'Project Bora Bora', which aims to simplify the Wall Street giant and boost its stock price. The potential job cuts could affect several thousand employees, with the bank's trading and banking divisions likely to be the hardest hit. This news comes amid a challenging environment for the banking sector, with many institutions looking to streamline operations and reduce costs.
Despite the potential job cuts, Citigroup's rates and currencies traders posted their best third quarter in at least eight years. The Federal Reserve's actions have kept investors on their toes about the future of heightened interest rates. This has resulted in a larger-than-expected $2.8 billion windfall, boosting total fixed-income trading by 14% and contributing to better-than-expected revenue, costs, and even loan performance. Net income for the firm also rose slightly.
The results come at a pivotal moment for CEO Jane Fraser, who last month announced a companywide reorganization that puts a spotlight on five key segments: trading, banking, wealth management, services, and dealings with US consumers. All five segments saw revenue rise in the three months through September. Firm-wide revenue amounted to $20.1 billion, topping the $19.2 billion average of analysts' estimates compiled by Bloomberg. The firm also returned $1.5 billion to shareholders through dividends and buybacks in the quarter.
In other banking news, the former investment banking chief of Credit Suisse has joined Santander. No further details were provided on this development.
The news comes amid a challenging environment for the banking sector, with many institutions looking to streamline operations and reduce costs.
The potential job cuts at Citigroup could affect several thousand employees, with the bank's trading and banking divisions likely to be the hardest hit.
Citigroup Inc. rates and currencies traders posted their best third quarter in at least eight years as the Federal Reserve kept investors on their toes about the future of heightened interest rates.
The larger-than-expected $2.8 billion windfall boosted total fixed-income trading 14% and added to better-than-expected revenue, costs and even loan performance.
Net income rose slightly, the New York-based firm said.
The results come at a pivotal moment for Chief Executive Officer Jane Fraser, who last month announced a companywide reorganization that puts a spotlight on five key segments: trading, banking, wealth management, services and dealings with US consumers.
All five saw revenue rise in the three months through September.
Firm-wide revenue amounted to $20.1 billion, topping the $19.2 billion average of analysts' estimates compiled by Bloomberg.
The firm also returned $1.5 billion to shareholders through dividends and buybacks in the quarter.