Project Bora News Today

Sometimes its necessary to let yourself go.

Citis London boss is saying the same sorts of things she said at Deutsche Bank.

Citigroup CEO Jane Fraser has received a 6 percent pay rise to $26 million despite the bank slashing 20,000 employees and posting a $1.8 billion loss last quarter.

Only 5,000 of Citis coming cuts will be the direct result of its simplification efforts.

Citigroup is exiting businesses with poor returns to bolster the bank’s odds of hitting Fraser’s performance targets.

Citigroup is exiting businesses with poor returns to bolster the bank's odds of hitting Fraser's performance targets.

Citigroup employees worried about CEO Jane Fraser's sweeping overhaul expressed concern over whether their jobs will exist in the new year.

Local investment and corporate banking bosses will report to new heads, while staff expect more lay-offs to come in the next quarter.

The US bank could cull back-office roles and eventually some banking positions as it embarks on a restructuring that reduces management layers and its overall workforce by at least 10 per cent.

The restructuring plans follow Citi's announcement last month of its intention to decrease management layers from 13 to eight.