Jane Fraser News

Investment bankers and equities sales and trading teams are likely to be hit the hardest during Wall Street’s next round of bonus payments.

If you work for Citi now, there are two women who might fill you with apprehension. One is Jane Fraser, the CEO who is on a mission to extract layers of management, do away with pointless meetings and cut jobs, the other is Titi Cole, who is the person tasked with executing Fraser’s intentions.

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If you’re in the oddly specific position of being a managing director (MD) cut from Citi in Hong Kong, have no fear; it turns out you can find a new job pretty quickly.

By Kane Wu and Scott Murdoch

Top Wall Street bankers said they’re pessimistic about the outlook of the global economy next year with elections in the US, monetary policies and escalating Middle East tensions weighing on sentiment. 

Top Wall Street bankers said they’re pessimistic about the outlook of the global economy next year with elections in the U.S., monetary policies and escalating Middle East tensions weighing on sentiment. 

Saudi Arabia aimed at deal brokering, as a violent conflict between Israel and Hamas that has killed thousands of people unfolds. The annual event is typically used by attendees as an opportunity to build relationships with some of Saudi Arabia's biggest companies and its $778-billion sovereign wealth fund, drawn by the promise of deals as the kingdom embarks on an ambitious reform plan to wean its economy off oil. But an escalation between Islamist group Hamas and Israel into a broader conflict overshadowed the event dubbed «Davos in the Desert», a nod to the annual gathering of world leaders and corporate bosses in the Swiss Alps. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. «There is so much going on in the world and geopolitics in the wars that you're seeing and what just happened recently in Israel and Gaza. At the end of the day, when you put all this together, I think the impact on economic development is even more serious,» Banga said. Although the globe's top financiers dwelt little on the conflict, speaking about topics such as artificial intelligence, the economic fallout of war combined with record debts as rates rise created a bleak backdrop. «There's no question if these things are not resolved, it probably means more global terrorism, which means more insecurity, which means society is going to be fearful… and… we see contractions in our economies,» BlackRock Chairman and CEO Laurence Fink said. Fink was flanked on a panel at the Future Investment Initiative (FII) conference by bank CEOs including Goldman Sachs' David Solomon, JPMorgan's Jamie Dimon and Citi's Jane Fraser.

Now that all the big investment banks (JPMorgan, Goldman, Citi, Bank of America and Morgan Stanley) have reported their third quarter results, there's more clarity on the performance of investment bankers working in M&A and debt and equitycapital markets. 

Given that Paco Ybarra, head of Citi's institutional clients group, wasn't a supporter of working from home during the pandemic, his eagerness to keep on coming into the office at a time when most people might be happy tending the dahlias is perhaps unsurprising.

Follow our LIVE coverage of the Israel-Hamas War here “Once someone ventures into the space of 'who is the perpetrator and who is the victim,' you enter into the exposure of social media disinformation and risk," he added. Here's a look at all that was said and promised. JPMorgan Chase CEO Jamie Dimon, on a post-earnings call, expressed deep sadness about recent attacks on Israel, stating, "Terrorism and hatred have no place in our civilized world," before delving into the financial results.

reported that Citi is also planning to trim 30 investment banking jobs and 20 corporate ones at its London unit to deal with adverse market conditions,. The company is aiming to reduce its cost base to deal with current market conditions.

NEW YORK (Reuters) -Major U.S. banks said on Friday higher interest rates boosted profits, sending shares sharply up, even though they said the economy was slowing and saw signs of some caution in consumer behavior.

Citigroup (NYSE:C) reported its third quarter results, with solid growth in both institutional clients and personal banking driving higher-than-expected revenue.

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Key Takeaways

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As Citi prepares to restructure the bank along the lineslaid out last week by CEO Jane Fraser (fewer divisions, fewer regional heads, probably alot of cuts in controls and technology), some people inside the bank say they'd like more appreciation. 

Citigroup embarks on a sweeping reorganization, support staff in compliance and risk management are among the most likely to lose their jobs, according to sources familiar with the situation. Technology staff working on overlapping functions are also at risk of being laid off, one of the people said.Citi managers are already convening discussions with employees about potential layoffs, according to the sources, who declined to be identified discussing personnel matters. One-on-one meetings about departures were also starting, one of the sources said. Citigroup declined to comment. The conversations come after the third largest U.S.

Citi has announced a significant change to its organizational model and its management structure.