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Mar 25, 2024 · March 25 (Reuters) - Citigroup (C.N) is in the last phase of a sweeping overhaul to simplify its structure and improve performance, the bank said, after shrinking its workforce by 5,000 employees...
Jun 18, 2024 · Citigroup is paring back its ambitions, shedding businesses and cutting back headcount as it tries to revive its stock price and remove decades of bloat.
Dec 6, 2023 · Citigroup (C.N) Chief Financial Officer Mark Mason said the company will book $1 billion in costs that include restructuring and severance this year. The company's sweeping reorganization is...
- How Citigroup Came to Be
- Citigroup's 21st Century Problems
- How Citigroup Rebounded
Citigroup's roots stretch back more than 200 years, to the founding of the City Bank of New York in 1812. Since then, the bank has played an instrumental role in financing the growth engines of American industry, from the iron and steel industries in the 19th century to the infrastructure and transportation industries in the 20th century. In the pa...
However, Citigroup's dreams of financial dominance never fully took shape the way it had hoped. By 2002, the financial giant had seen the disadvantages of having an insurance company under its corporate umbrella, because extreme volatility in financial results stemming from catastrophic loss events had a negative impact on the entire company. As a ...
Over the past eight years, Citigroup has made considerable progress. By the end of 2010, the U.S. Treasury had sold off all of its stock in the bank, freeing it from the hassles of government ownership. More recently, Citi managed to wrap up its Citi Holdings subsidiary, into which it had put the poorly performing "toxic" assets from the financial ...
- Dan Caplinger
Apr 18, 2024 · The firm became the laughing-stock of Wall Street in 2020 when it accidentally wired $894m to creditors of Revlon, a failing company. That Jane Fraser became the first woman to run a Wall Street...
May 22, 2024 · UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto...
Sep 13, 2023 · Citigroup is planning a sweeping overhaul of its organization after years of lackluster stock performance. The reorganization efforts are expected to involve layoffs. Citi stock climbed 2%...
