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Citigroup starts layoff talks after management overhaul: Report

Livemint

Livemint · 1y ago

Citigroup starts layoff talks after management overhaul: Report

Citigroup (Citi) is reportedly at risk of laying off technology staff with overlapping functions as part of its restructuring efforts. The bank recently announced plans to strip out a layer of management and cut jobs in its largest reorganization in nearly two decades. CEO Jane Fraser aims to boost profits and the stock price by gaining more direct control over the bank's businesses. Executives overseeing revenue-producing units held calls to explain the changes to their teams, emphasizing a reduction in bureaucracy and a focus on profit-making activities.

Related News

Citigroup layoffs reach 7000 mark

Livemint

Livemint · 1y ago

Citigroup layoffs reach 7000 mark

Citigroup employees are anticipating management changes and potential layoffs as the next phase of the bank's overhaul plan, led by CEO Jane Fraser, is expected to be announced next week. The bank aims to simplify its structure by reducing management layers, eliminating roles, and centralizing decision-making. While specific details about the layoffs are yet to be disclosed, Citigroup had already incurred severance charges of $650 million this year from cutting 7,000 positions. The restructuring aims to refocus the firm on its key businesses.

ZestMoney to shut ops, lays off 150 employees

Economic Times

Economic Times · 1y ago

ZestMoney to shut ops, lays off 150 employees

Fintech startup ZestMoney is shutting down its operations by the end of this month, leading to the layoff of its remaining 150 employees. The company failed to revive its business after acquisition talks with PhonePe fell through in March. ZestMoney, which began as a loan-sourcing platform, had tried to pivot its business model and offer its technology stack as a white-label solution to other fintech lenders and NBFCs after the acquisition talks failed. PhonePe had initially signed a non-binding term sheet to acquire ZestMoney in November last year.

Citi appoints Thakker head of corporate bank for South and Southeast Asia

VCCircle

VCCircle · 3m ago

Citi appoints Thakker head of corporate bank for South and Southeast Asia

Citigroup has appointed Prashant Thakker as the head of its corporate bank for South and Southeast Asia, effective immediately. Thakker, who joined Citi in 2007 and currently oversees Capital Management for several regions, will now manage business strategy, financial performance, talent development, and execution across multiple Asian markets including India, Singapore, and Thailand. He will relocate to Singapore and report to global co-heads of corporate banking and the head of the Asia South Cluster.

Microsoft could have prevented Chinese cloud email hack, US cyber report says

The Verge

The Verge · 1y ago

Microsoft could have prevented Chinese cloud email hack, US cyber report says

A report by the US Cyber Safety Review Board has found that Microsoft's failure to prioritize enterprise security investments and rigorous risk management contributed to Chinese hackers breaching US government emails through its Microsoft Exchange Online software. The incident affected over 500 people, including US government employees working on national security. The report calls for an overhaul of Microsoft's security culture, highlighting the need to prevent such intrusions. This comes as Microsoft faces ongoing attacks from Russian state-sponsored hackers, with the same group behind the SolarWinds attack spying on executive email inboxes and accessing the company's source code repositories and internal systems.

Paramount’s $2B Cost-Cutting: Preparing Its Employees for a Huge Layoff

StartupTalky

StartupTalky · 15d ago

Paramount’s $2B Cost-Cutting: Preparing Its Employees for a Huge Layoff

Paramount is preparing for significant layoffs to save $2 billion after being acquired by Skydance for $8.4 billion. The decision is part of broader structural changes following deals worth nearly $9 billion, including a $7.7 billion partnership with UFC and a $1.5 billion renewal with the creators of South Park. Paramount aims for a one-time layoff to avoid ongoing uncertainty. The management plans to communicate transparently with employees about these changes.

Bizongo lays off 15% employees shortly after announcing $50 Mn fundraise

Entrackr

Entrackr · 1y ago

Bizongo lays off 15% employees shortly after announcing $50 Mn fundraise

E-commerce packaging company Bizongo has laid off 15% of its workforce, approximately 50 employees, shortly after securing $50 million in funding. This is the second round of layoffs for the company, with the first occurring in June 2020. Bizongo offers digital vendor management and supply chain services to its enterprise customers. The company aims to achieve profitability by FY24. The layoff comes amidst a challenging time for the Indian startup ecosystem, with over 15,000 job cuts reported in the first nine months of the year.

Nomura Is Hiring Wealth Managers After Years of Staff Overhaul

Livemint

Livemint · 1y ago

Nomura Is Hiring Wealth Managers After Years of Staff Overhaul

Nomura Holdings is experiencing growth in its wealth management division after a major overhaul. The division, which contributes a quarter of Nomura's revenue, has shifted its focus from serving mass Japanese investors to catering to wealthier clients. Nomura is now looking to recruit mid-career talent and is open to potential acquisitions to further expand its wealth business. The company has been revamping its retail division since 2019, consolidating branches and cutting headcount, while also focusing on managing assets and reducing reliance on securities transactions for commissions.

General Atlantic in talks to buy PE firm Actis: Report

VCCircle

VCCircle · 1y ago

General Atlantic in talks to buy PE firm Actis: Report

According to a report, General Atlantic is in talks to acquire Actis, a private equity firm focused on infrastructure investments. If the deal is finalized, it will add $12.7 billion to General Atlantic's existing $77 billion assets under management. General Atlantic recently filed for an initial public offering, and Actis also filed for an IPO earlier this month. Neither party has commented on the potential acquisition yet.

Citigroup Faces $26 Million in Losses on Australian Block Trade

Livemint

Livemint · 8m ago

Citigroup Faces $26 Million in Losses on Australian Block Trade

Citigroup is facing potential losses of up to A$41 million ($26 million) after it failed to fully sell a block of shares in Australia's Goodman Group that it had underwritten for China's sovereign wealth fund, China Investment Corp (CIC). Citigroup launched the sale of 50.4 million Goodman shares on Tuesday, but investors were hesitant due to the pricing. A relaunched deal with a wider discount still didn't attract enough buyers, resulting in a loss of A$27 million for Citi. The bank now holds 27 million shares worth about A$14.3 million.

Read the full text of Byju Raveendran's letter to employees after EGM by investors

Economic Times

Economic Times · 1y ago

Read the full text of Byju Raveendran's letter to employees after EGM by investors

Byju Raveendran, the founder and CEO of edtech giant Byju's, has reassured employees that he remains the chief executive and that there are no changes at the company despite reports claiming otherwise. This comes after a group of investors voted to remove Raveendran as CEO and overhaul the board. In response, Raveendran highlighted violations of the company's governance rules during the extraordinary general meeting and stated that the resolutions passed are not enforceable. He expressed confidence in the company's position and emphasized that the management is focused on the company's operations and future success.

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