https://assets.fnlondon.com/2012/10/4071257412.jpg

Citi’s new CEO announced on Wednesday that the US banking giant would cut 11,000 jobs (around 4% of its workforce) and reduce annual expenses by around $1bn. The decision, which marks the first major strategic shift since Corbat succeeded Vikram Pandit in October, sent Citi’s stock soaring. Over half of the cuts will take place in the company’s global consumer-banking unit, where Citi will shut down 84 branches worldwide. Citi will also cut 1,900 jobs in its securities and banking and transaction-services business. The reductions are expected to save $900mn next year and $1.1bn annually starting in 2014.

Reporter

Michael Corbat announced that Citigroup would cut about 4% of its workforce, George Osborne laid out the plans for another six years of austerity and there was speculation over Hector Sants' next move...

https://assets.fnlondon.com/2011/11/4069625409.jpg

https://assets.fnlondon.com/2012/01/4069833925.jpg

https://assets.fnlondon.com/2012/12/4071504702.jpg

https://assets.fnlondon.com/2012/02/4069929775.jpg

Anna Irrera

Citigroup

Carried interest for bosses is risky, unnecessary and not a good look

Shake-up of financial advice rules could trigger more wealth deals

Artificial intelligence and private equity are threatening to transform consulting

Milbank hires private equity M&A rising star in Germany

https://images.fnlondon.com/im-43406752?size=1.5

Coutts hires ex-JPMorgan banker James Todd as next private client boss

https://images.fnlondon.com/im-95923804?size=1.42

Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

Senior GIC private equity lawyer joins Dechert in London

https://images.fnlondon.com/im-14432569?size=1.5

US law firm hires private equity specialist from key client

Sales of $10 million-plus paintings have collapsed as high interest rates have flushed speculators out of the market.

The Worst Performer in Billionaires’ Portfolios? Trophy Art.

Chinese authorities have placed an exit ban on a China-born executive after she entered the country recently. The bank has suspended travel to China.

U.S.-Based Wells Fargo Banker Blocked From Leaving China

Erica Williams to depart auditing watchdog July 22 at request of SEC chairman.

PCAOB Chair, in Last Days, Warns Against Potential for Budget Slashing

The bond manager hasn’t adjusted its portfolio saying it seems unlikely the president will get his way.

Bond Giant Pimco Dismisses Trump’s Threats to Fed’s Powell

ChatGPT tells me I’m thoughtful and wise, and write as well as a Nobel Prize winner. An ego-boost like that is worth $20 a month.

Is It Bad That I Desperately Need My Chatbot’s Approval?

Jittery markets are swelling trading revenue and profit, prompting banks to put more money to work on Wall Street.

Big Banks Are Spinning Market Chaos Into Gold

Politicians often want lower rates. Central banks seek stable prices.

What History Tells Us About the Perils of Firing Jerome Powell

Now that AI is screening résumés, it’s time to rethink that commandment about fitting all your work experience onto a single page.

It’s Time to Rethink the One-Page Résumé

Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.

Dimon Defends Fed Independence After Trump Attacks

Temperatures have been rising since the world’s oldest underground transportation system opened in 1863, presenting challenges that air conditioning can’t easily fix.

The London Tube ‘Feels Like Hell.’ Efforts to Cool It Just Make It Hotter.

Aircraft and booze are among imports that would be targeted as EU debates how to respond to President Trump’s latest trade threats.

Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is Reached

The four-day minimum requirement will begin in the new fiscal year, and some leaders will have to relocate to Seattle or Toronto within 12 months.

Starbucks Tells White-Collar Workers to Come to the Office More—Or Take a Buyout

JPMorgan, Wells Fargo lead the banks whose quarterly results may offer clues on how consumers and companies fared during a volatile period. The S&P 500 climbed 0.1%, and the Nasdaq rose 0.3% to a record.

Financial Stocks Rise Ahead of Busy Week for Earnings, Inflation Data

The bank put $50 billion toward lending to riskier companies to compete with nonbank giants dominating the market. The Walgreens deal was the payoff.

Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It

More men than women are back in their cubicles, but remaining remote comes with risks. “It creates that barrier.”

In America’s Return to the Office, Women Are Falling Behind

Mexico and Europe are grappling with how to respond to a U.S. administration that is using trade policy for a range of political and economic objectives.

Nations Find That Neither Anger Nor Appeasement Deflects Trump’s Tariff Threats

Continuation vehicles were once used by “zombie funds” but now usually contain top-performing companies.

The Private-Equity Maneuver Allowing More Investors to Cash Out

The short-term rental company now enables guests to book services at its properties. But hosts worry about liability—and not getting a cut.

Airbnb Lets You Add a Private Chef to Your Rental. Your Host Might Not Like It.

The 59-year-old hedge fund titan made his pro-tennis debut in a competitive ATP doubles tournament alongside a Grand Slam champion, and it ended in a straight-set defeat.

Bill Ackman’s Pro-Tennis Debut Lasted 67 Minutes

The president again pushed the Fed to lower rates, helping power the S&P 500 and the Nasdaq composite to fresh record closing highs.

Stocks Climb After Investors Look Forward to Trade Deals, Corporate Earnings

A new group plans to raise at least $20 million to stop the democratic socialist in the city’s mayoral race.

By Brian Schwartz, Kevin T. Dugan and Ben Glickman

New York’s Financial Crowd Rushes to Build Anti-Mamdani War Chest

Recent graduates who haven’t started their gigs at big banks are being recruited for jobs that don’t start for another couple of years.

By AnnaMaria Andriotis, Ben Glickman and Alexander Saeedy

Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout Firms

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

https://www.wsj.com/?type=allesseh_content_full_list

https://www.fnlondon.com/client

MY ACCOUNT

ABOUT

SECTIONS

unbolded

People in the news this week

Financial News