Market Chatter: Citigroup CEO Fraser Signals More Layoffs in Profitability Push

MT Newswires Live01-15

Citigroup (C) CEO Jane Fraser, in a memo on Wednesday, told staff that the "bar is raised" and signaled more job cuts ahead, following about 1,000 layoffs already made this week, Bloomberg reported Wednesday, citing the copy of the note.

Fraser said Citi is "not graded on effort but on results" as she pushed to lift profitability and investor returns after years of underperformance since the 2008 financial crisis, according to the report.

Citigroup didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 110.52, Change: -5.78, Percent Change: -4.97

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