Citibank is going to send more Small Big Bosses back home permanently de woh...kym?

[k1976]

Some managers were told their positions would no longer exist as of Feb. 1, two of the four sources said. More details about the layoffs and severance payments will be announced next week, they added.

Citigroup declined to comment.

The bank last week said it would cut 20,000 jobs over the next two years, after a fourth quarter marred by one-off charges that resulted in a $1.8 billion loss.

While Citi has provided periodic updates on the cuts, investors and workers are closely watching the timing and details around the organizational changes. Fraser's call on Thursday has not previously been reported.


https://sg.yahoo.com/finance/news/citigroup-lays-off-more-bosses-232714368.html

 

[k1976]

During the call with managing directors, Fraser discussed different topics of the reorganization and addressed the broader plan for 20,000 job cuts over the next two years, according to one of the sources, who was briefed on the call.

Headcount will be cut by 5,000 people in the current reorganization, while another 5,000 employees will be culled from selling businesses, the source cited Fraser as saying.

A further 10,000 staff will be laid off from support functions like technology and operations, the source added.

Citi's planned cut of roughly 8% of its staff is among the biggest layoffs on Wall Street in recent years. The overhaul is central to Fraser's effort to streamline the bank and boost its returns and share price. (Reporting by Tatiana Bautzer; Editing by Lananh Nguyen and Jamie Freed)

 

[k1976]

https://sg.yahoo.com/finance/news/i...s-high-debts-heighten-distress-032306534.html


Meanwhile, Indon small big bosses also have issue to profit

 

[k1976]

Bloomberg) — Nearly one out of every seven sizable, publicly traded Indonesian companies is financially distressed amid weakened profitability and insufficient liquidity, according to a report.

Financial risk levels remain “high” as post-pandemic weakness lingers, and higher interest rates will worsen their outlook, said the report from corporate restructuring adviser Alvarez & Marsal Inc., released Thursday.

The principal driver of distress in Indonesia seems to be weakened balance sheets and capital structures rather than compromised operational performance,” Utsav Garg, the firm’s head of Southeast Asia and Australia, and Alessandro Gazzini, head of Indonesia, wrote in the report, which is based on data from 2019 to 2022 for 360 listed companies with annual revenue of more than $50 million.

“This situation is particularly concerning, given the current scenario of heightened interest rates which will severely strain any company in need of financing,” they wrote.

 

[k1976]

While a majority of Indonesian companies are financially healthy, the report noted some 19% of companies need to improve their balance sheet and 9% should boost their operating performance.

Indonesian companies’ speed of recovery from distress also is “relatively slow,” resulting in a growing subgroup of “zombie companies,” it said. The report found 44% of distressed companies were still in that state three years later.

Contributing factors include “resistance to fundamental operational changes, shareholder control retention, creditor reluctance for debt reductions and a less robust legal framework for financial restructuring,” the report said.

Metal and non-coal mining, retail, transportation and infrastructure as well as construction industries in particular were notably distressed, it said.

 

[cockie]

During the call with managing directors, Fraser discussed different topics of the reorganization and addressed the broader plan for 20,000 job cuts over the next two years, according to one of the sources, who was briefed on the call.

Headcount will be cut by 5,000 people in the current reorganization, while another 5,000 employees will be culled from selling businesses, the source cited Fraser as saying.

A further 10,000 staff will be laid off from support functions like technology and operations, the source added.

Citi's planned cut of roughly 8% of its staff is among the biggest layoffs on Wall Street in recent years. The overhaul is central to Fraser's effort to streamline the bank and boost its returns and share price. (Reporting by Tatiana Bautzer; Editing by Lananh Nguyen and Jamie Freed)

Is about time….. all this bloody blood suckers.. ha ha ha

 

[nabeifuckpap]

 

[laksaboy]

Deport Citibank and bring back Tat Lee Bank.

 

[A Singaporean]

Citi has assured CECAs in Sickipoora will not be impacted at the request of PAP. However they can fuck Sinkies as hard as they can and coolie gene Sinkies truly enjoy arse fucked.

 

[Pinkieslut]

Citibank is a well known CECA bank

 

[ftan42]

also happening in tiongkok land