Citigroup reduces promotions to cut costs, limit pay hikes; CEO leading major overhaul

From Investing.com: 2024-11-26 00:55:40

Citigroup is reducing year-end promotions to cut costs amid restructuring, with only 2,000 employees expected to receive pay hikes and titles, down from 8,000 in previous rounds. Promotions will be limited to a 15% increase. CEO Jane Fraser is leading a major overhaul to improve performance and reduce headcount by 20,000 in two years.

Fraser has simplified the bank’s structure, increased investments in data reporting, enhanced stress testing, and improved controls. Despite a smaller-than-expected profit drop in the third quarter, debt underwriting supported investment banking results. Citi aims to streamline operations and boost accountability for long-term success.



Read more at Investing.com: Citigroup slashes promotions as it seeks to overhaul bank, FT reports By Reuters