Citigroup was the only one of the large banks to report a fourth-quarter loss, of $1.9 billion compared with profits of $2.5 billion in the 2022 period. Revenues fell three percent to $17.4 billion.
The results were weighed down by costs including $780 million for severance and other expenses connected to a reorganization.
https://www.msn.com/en-au/money/personalfinance/us-banks-report-mixed-results-see-consumers-as-still-healthy/ar-AA1mSnKY
Jane could have done something to minimize the losses in Russia.... that happened on her watch so dont blame Mike C for that one
embarassing.
in response to @yly+1qAZnYAx, I've been with the bank for 25 years and how dare you generalize me, it just so happens I get "honest" feedback monthly and am not sticking around just for the severance, and if you think it's time for me to leave so you don't have to "pay the price", whatever that mean, then bring it on.
Post ID: @gjz+1qAZnYAx That someone you're talking about is CEO Michael Corbat. Only reasn why he was finally kicked out with his cronies, Brad Hu and others cause of the Revlon FVCK UP giving Revlons creditors $900 Million Free Money erroneously wired !
They were still profitable for the year and have been for the past years. Not as profitable as it’s peers but still a very profitable company in the bigger picture. This reorganization will only help. Schwab is making similar money w like a quarter of employees.
This is true. Someone retired last year after being at Citi for 50 years. This person added absolutely no value.
Long serving employees like managers too, right? Like Jane?
The problem is the long-serving employees - there are many people at Citi who "work" there only for the benefits and severance. And because they do not get honest feedback and are not removed on time now everyone will be paying the huge price...
as usual, Jane and the CFO will be handsomely rewarded for a job well done on forecasting, mitigation and planning. Yep, the sky is limitless for them….not you or I, just them.