Jane Fraser News

Citigroup Inc. is ending workplace representation goals and removing requirements to interview job candidates from diverse backgrounds, citing pressure from the Trump administration.

Chinese Vice Premier He Lifeng has met with several U.S. finance executives in the last month as Beijing seeks to build relationships ahead of President-elect Donald Trump's planned tariffs on China.

Subscribe to enjoy similar stories. Citigroup is nearing an important milestone in efforts to spin off its Mexican consumer bank, an important part of chief executive Jane Fraser’s turnaround strategy. The bank said it would complete a split next week of the systems that underpin Banamex from the rest of its operations in Mexico.

Subscribe to enjoy similar stories. The man charged with reviving Citigroup’s reputation as an investment bank is setting his sights on the buyout kings. Vis Raghavan, Citi’s new banking head, wants his dealmakers to advise on and finance more private-equity deals, bringing in more fees to a group that has punched below its weight for more than a decade.

This time last year, Citi was preparing to thin the ranks of its investment bank as part of CEO Jane Fraser'sBora Bora cuts. In the wake of those cuts, the bank restructured its debt capital markets (DCM) team in March 2024, and — among other things — made Colm Rainey head of corporate and financial institutions group debt capital markets for UK & Ireland in the process.

Jane Fraser, CEO of Citigroup, likes Andy Sieg. She regularly praises him during the bank's investor calls and notes his importance to reshaping the bank's wealth management business, where costs still consumed 85% of revenues in the second quarter. 

Everything’s fantastic and nobody’s happy.  That seems to be the message from the bumper day of Q3 results from Goldman Sachs, Bank of America and Citigroup yesterday.  All three big banks beat their earnings estimates, and credit for the beats had to be given fairly and squarely to the investment banking divisions. It would have been reasonable to conclude, as several commentators did, that “Wall Street bonuses have just been salvaged”.

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Citi in 5-7 years as the US bank looks to expand its services business — which its CEO Jane Fraser calls its «crown jewel» — and more domestic firms turn global, a top executive said. «It's highly likely that India will break out into the top three based on what we are seeing,» Shahmir Khaliq, Citi's head of services, told ET in an exclusive interaction. «We are investing across the network and as the government makes India a great place to invest in, we are seeing the incremental inflow (and) we are seeing Indian companies looking to invest abroad.» At present, India is the fourth largest market for Citi's services business. «It would not be beyond the realm of the possible for us to expect to see India in the top three over the next five to seven years,» Khaliq said.

Citigroup is taking a significant step to pare down its wealth management division with a plan to sell off its trust administration and fiduciary services business.

A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues

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Employees at Citigroup’s New York headquarters are facing multiple indignities. Not only does a growing contingent now have to be back in office full time, but to get to their desks, they must walk through a throng of protestors who have been camped outside the bank for much of June. Activists are calling the campaign the “Summer of Heat," vowing to show up outside Citi “week after week" and “month after month" to protest its funding of the fossil fuel industry.

Citigroup Inc. said artificial intelligence is likely to displace more jobs across the banking industry than in any other sector as the technology is poised to upend consumer finance and makes workers more productive. 

Broadcom Inc CEO Hock Tan emerged as the highest paid chief executive in 2023, with a total compensation of $161,826,161.

It's a new era at Citigroup. Five layers of unnecessary management have been cut, and so too — as of today — have surplus executive assistants.

Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans.

A piece of shrapnel from a Russian missile hangs on the wall of Citigroup banker Alexander McWhorter’s office in Kyiv. He got it from a client whose factory was struck early in the war, a token of their long relationship and their plans to rebuild. Two years into the Ukrainian war, Citigroup is the only U.S.

The countdown is on at Citigroup. In less than two months' time, Vis Raghavan, whom JPMorgan had only recently promoted as head of its investment bank, is joining Citi as head of all banking. 

Citigroup’s chief investment officer for its wealth division, David Bailin, is leaving the bank after 15 years.

Citi has finished stage one of its20,000 job cuts and it seems to have been more zealous than planned.