News Topic: Citigroup

Efforts to simplify business operations under incoming CEO Jane Fraser will cost a lot of money but will ultimately create a safer, more profitable company, Chief Financial Officer Mark Mason said. ... Read full article

The company is mulling the sale of certain retail operations the Asia-Pacific region as part of incoming CEO Jane Fraser's plan to streamline operations, according to people familiar with the matter. ... Read full article

Citigroup told employees in Texas they could take shelter in the firm’s offices as the state grapples with the effects of a snow and ice storm earlier this week. ... Read full article

A back-office blunder is leaving the financial behemoth faced with the prospect of becoming one of the biggest creditors to the troubled cosmetics empire. ... Read full article

Bank of America and Citigroup trimmed compensation for their chief executives in 2020, a year in which banks exercised restraint in compensating employees as the pandemic ravaged the economy. ... Read full article

Citigroup unexpectedly lost a legal battle to recover half a billion dollars it sent Revlon lenders, after the embarrassing blunder forced it to answer to regulators and tighten its internal controls. ... Read full article

Bank of America and Citigroup trimmed compensation for their chief executives in 2020, a year in which banks exercised restraint in compensating employees as the pandemic ravaged the economy. ... Read full article

Still under fire for financing oil-and-gas exploration, banks are now being criticized for bankrolling producers of the single-use bottles and wrappers that are piling up in landfills and waterways. How will they respond to the mounting pressure from ... Read full article

Citigroup will refund an additional $4.2 million to some credit card customers who were overcharged years ago. ... Read full article

Citigroup’s incoming CEO, Jane Fraser, created a new global operating team aimed at improving accountability among its top executives, as the firm continues to address a litany of concerns raised by regulators last year. ... Read full article

The bank considered terminating the relationship with professional golfer Justin Thomas, but instead decided to use his platform to increase awareness of discrimination against the LGBTQ community, Chief Marketing Officer Carla Hassan said Monday in a blog ... Read full article

Citigroup, one of the few companies to offer a frank assessment of the difference in wages it pays to men and women, has made gradual progress toward narrowing that gap. ... Read full article

Citigroup will reduce bonuses for dozens of its top executives after the bank was reprimanded by regulators last year. ... Read full article

Weeks away from succeeding Michael Corbat, Jane Fraser said she’d consider streamlining some units or divesting others as part of her effort to kick-start return on equity. ... Read full article

However, it beat analysts' estimates thanks to a big reserve release, a smaller-than-expected rise in expenses and other factors. ... Read full article

The new global wealth division, which is being formed by combining the firm’s private bank with a unit that serves substantially less wealthy households, will be led by Citi veteran Jim O’Donnell. ... Read full article

In a memo to staff on Tuesday, Citigroup announced a new head of U.S. consumer banking and said that two of its other high-ranking bankers would essentially switch roles. ... Read full article

The actions follow earlier announcements from Marriott International, Blue Cross Blue Shield and Commerce Bancshares, which said they are suspending financial support for all lawmakers who voted against certifying Joe Biden's election as president. ... Read full article